Mint Quick Edit | EU sanctions: More trouble for India?
The EU’s latest package of sanctions on dealings with Russia seem harsher than the earlier one, but it needn’t complicate commercial ties with the European bloc if we read the signals right and focus on wrapping up a trade deal.
So far, Indian entities have largely escaped EU sanctions against Russia over the Ukraine war and India’s trade talks with the bloc have been smooth. Nayara Energy, partly owned by Russia’s Rosneft, was among the few facing EU import curbs.
However, the EU’s just-announced 19th package of punitive measures against Russia seems significantly harsher.
As it appears, their basic aim is to restrict Russia’s access to a broad list of critical minerals and technologies deemed to be aiding its war. Though details are sparse at the moment, it’s a new twist that New Delhi may have to reckon with if implemented.
Just days earlier, the EU had termed its ties with India a strategic priority. It was also seen as reluctant to act on a US nudge to pressure India and China into giving up their oil imports from Russia. Perhaps the EU realized the futility of taking that advice but saw prudence in using another device for a show of Nato unity.
Whatever the real motive, India must read these signals right and keep up its efforts to fast-track a trade deal with the EU, even as it works on a carbon market to reduce friction on issues related to climate action. We must not let relations slide backwards.
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