Days after Prime Minister Narendra Modi visited Kyiv and appealed for an end to the Russia-Ukraine war, the ‘Financial Times’ accused India of selling ‘sensitive goods’ to Russia and aiding in the ongoing conflict in Eastern Europe.
In a dubious article titled ‘Russia built covert trade channel with India, leaks reveal’ and published on Wednesday (4th August), the notorious British newspaper alleged that Russia was sourcing ‘critical electronics’ from India using its large reserve of rupees generated from oil sales.
Financial Times, which has a sordid history of peddling anti-India propaganda, claimed that the purchases were kept ‘hidden’ from Western governments and used in its war effort with Ukraine.
Russia has been secretly acquiring sensitive goods in India and explored building facilities there to secure components for its war effort, according to Russian state correspondence seen by @FT.
— Christopher Miller (@ChristopherJM) September 4, 2024
Via @JohnReedwrites @maxseddon @xtophercook @JP_Rathbonehttps://t.co/ef0jrJYX6a
The newspaper relied on documents, not accessible to the public, and cryptic ‘sources’ to make its outlandish claims. It alleged, “It (Russia) saw India as an alternative market to source crucial goods “previously supplied from unfriendly countries”.
The purchase of Russian oil has been the bone of contention between India and the United States in particular so much so that the Deputy National Security Adviser for International Economics of the Biden administration threatened India with ‘consequences.’
Unperturbed by the arm-twisting of the West, India prioritised its domestic energy needs and purchased oil from Russia nonetheless.
British newspaper forgets India is a sovereign country
Financial Times attempted to exploit this very fault line in the bilateral relations between the US and India by suggesting the use of ‘oil money’ by Russia to continue the war with Ukraine.
It claimed, “Russia and its Indian partners targeted dual-use technologies — goods with both civilian and military applications — that are subject to western export controls…Moscow even envisaged pumping investment into Russo-Indian electronics development and production facilities, according to the leaked files.”
The British newspaper conceded that it had no idea about the extent of purchases but insinuated that Russia’s relationship with India had “grown deeper in the specific categories of goods.”
Financial Times also failed to specify the names of these sensitive goods or ‘critical electronics’. It also reiterated some of the threats of ‘sanctions’ issued by the US, conveniently forgetting that India is the world’s 5th largest economy and a sovereign nation capable of making policy decisions that suit its interests.
Financial Times whines about India’s purchase of Russian oil
The Indian government has repeatedly clarified since 2022 that the ‘Russian oil purchases’ constituted only a fraction of the total oil imports.
The country’s External Affairs Minister S Jaishankar said once, “We do buy some energy, which is necessary for our energy security. But I suspect looking at the figures. Our total purchases for the month will be less than what Europe does in an afternoon. So, you might want to think about it.”
Despite this, the ‘Financial Times’ was quick to allege that India gave a ‘lifeline’ to Russia following sanctions on it by the the West.
“While Modi has bemoaned the impact on developing economies of the invasion of Ukraine and urged the two sides to make peace, Delhi extended an economic lifeline to Russia after it was hit by western sanctions,” it claimed.
“India has been a major buyer of Russian crude oil and the two countries’ total trade reached an all-time high of $66bn in the 2023-24 financial year, a fivefold increase on the past year before the invasion. Some of the trade has been transacted in rupees, leaving Russia with a surplus of the currency…Russian groups have used rupees to trade gold and purchase goods to evade the sanctions, according to people involved in the trade and western officials,” it added.
Financial Times accuses India of aiding in war against Ukraine, claims don’t add up
In its report, the British newspaper claimed that in October 2022, Alexander Gaponov (Deputy Head of the Radio Electronics Division of Russia’s Industry and Trade Ministry) devised plans to procure electronics for use in drones and missiles from India.
It claimed that Gaponov roped in an organisation with links to Russian security services to purchase ‘dual-use components’ from India using digital financial assets and Indian currency and avoid scrutiny from the West.
Citing leaked documents, ‘Financial Times’ alleged that a capital outlay of ₹100 billion was made to source parts meant for server, telecommunication, and other complex electronic equipment.”
It also alleged that Russia spent funds to strengthen electronics factories in India to ensure a steady supply of its critical resources.
Such claims are hard to believe given that Russia could have easily purchased such ‘sensitive goods’ from China, the arch-rival of the West, instead of ‘investing’ in India which has good ties with the United States and other Western nations.
Given the mass-scale manufacturing potential of China at a fraction of the cost, it is highly unlikely that Russia would depend on India to procure critical equipment for defence.
No ceasefire in sight as West continues to support the Russia-Ukraine war
The news report appears as a concerted attempt by ‘Financial Times’ to tarnish India’s image at a global scale by vilifying the nation as an abettor of war between Russia and Ukraine.
Interestingly, the United States and the West have been prolonging the ongoing conflict in Eastern Europe by pumping in billions of dollars and strengthening the war chest of Ukraine through the supply of arms and ammunition.
So far, the US has spent €75 billion on supporting the Ukranian side while European nations have cumulatively spent €110 billion.
An additional €93.3 billion worth of military aid is still in the pipeline.
While the warmongers in the West virtue signal India for securing its energy needs, they continue to keep the conflict simmering.
