US Sanctions Make Indian Banks Wary of Russia Trade, Envoy Says

Indian banks are wary of facilitating trade with Russian firms to avoid falling afoul of US sanctions, said Denis Alipov, Moscow’s envoy to New Delhi.

Banks with exposure to the US are “concerned about secondary US sanctions,” Alipov told reporters in New Delhi on Monday. “It is necessary for Russia, China, India, South Africa and other BRICS members and vast majority of the world to have an equal say pertaining to global economic issues.”

The US and its allies slapped sanctions on Russia after it invaded Ukraine in 2022. India does not follow unilateral measures but individual entities can ...