In graphics: India’s bourgeoning trade relations with Russia and Ukraine

Ukraine has been a very important trade partner for India. As per data from the Indian government, the bilateral trade between the two nations stood at $2.3 billion so far this fiscal, compared with $2.5 billion in the last fiscal (FY21).  

At the same time, India's trade relations with Russia have also been on the upswing, and in many ways, are more than what India has with Ukraine. To put this in perspective, data suggests that this fiscal alone India-Russia bilateral trade stood at $9.4 billion, as against $8.1 billion in the last fiscal.  

Ever since the Russian invasion of Ukraine began, many experts have pointed out that India's position vis-à-vis the two warring nations is rather peculiar. Unlike the US and NATO allies, India has had working and cordial relations with both the countries, something that is borne out by the trade data enumerated above. And this has, in many ways, complicated India's geopolitical position since the ongoing conflict. 

Also read: Ukraine crisis: What comes ahead as Russian forces invade Kyiv

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