Indian hydrocarbon companies that have invested in Russia fail to be remunerated. Hundreds of millions of euros would be blocked because they cannot find an alternative to the Swift trading system, blocked by sanctions.
Moscow and New Delhi have been discussing payment methods to circumvent sanctions. Both countries are considering payments via the currency of a third country. Neither these setbacks nor Western sanctions have prevented the explosion of trade between India and Russia. They exceeded €32 billion last year, two and a half times more than in 2021.