Russia is seeking more medical equipment from India after sanctions and logistical problems sharply reduced imports from Europe and China following President Vladimir Putin’s invasion of Ukraine.
Medical equipment companies from India and Russia will discuss ways to boost supplies during a virtual meeting on April 22, according to Rajiv Nath, a forum coordinator for the Association of Indian Medical Device Industry. The event was confirmed by Business Russia, a business group that promotes bilateral ties.
India hopes to boost exports to Russia as the two nations work out a payment system in local currencies similar to the one used during the Cold War to maintain bilateral trade, as Moscow faces extensive international sanctions. New Delhi has been criticized by the US and its allies for buying more Russian oil after trying to isolate Russia over its war in Ukraine.
India is currently an insignificant player in the Russian market and hopes to increase exports almost 10-fold to 2 billion rupees ($ 26.2 million) this year, according to Nath.