The ongoing Russia-Ukraine war, now stretching over two years, has entrenched itself as a monumental geopolitical turmoil, leaving a trail of economic distress, political upheaval, and humanitarian crises.
Commenced on 24th February 2022 with Russia's invasion, the conflict has reshaped the global landscape, triggering widespread condemnation and punitive sanctions against Moscow. However, amidst the chaos, India has maintained a nuanced stance, balancing its strategic interests with diplomatic pragmatism.
The repercussions of the war have been profound, impacting economies worldwide and disrupting global supply chains. With over 2,700 sanctions imposed on Russia, amounting to freezing approximately ₹300 billion of its reserves, the economic fallout has been significant.
The disruption of major trade routes, coupled with sanctions, has led to surging oil prices and inflation on a global scale. Yet, despite these challenges, India has displayed remarkable resilience, with its economy expanding by 13.5% in the first quarter of the financial year 2022-23.
The war has also had far-reaching implications for international alliances, particularly the NATO framework. While NATO has been bolstered by Russia's actions, attracting new members such as Finland and Sweden, the conflict has exacerbated tensions and economic strains across Europe. The rise of far-right political parties underscores the political ramifications of the war, even as support for Ukraine remains steadfast.
India's position amidst this geopolitical turmoil has been one of strategic equilibrium.
Refusing to join the chorus of condemnation against Russia, India has pursued a balanced approach, emphasizing dialogue and diplomacy. This stance has garnered recognition, with the West acknowledging India's strategic imperatives and long-standing ties with Russia.
Speaking at the 77th UN General Assembly, Jaishankar said, “We are often asked whose side we are on. And our answer, each time is straight and honest. India is on the side of peace and will remain firmly there”
Maintaining a balanced stance, the Foreign Minister reiterated India’s commitment to be on the side that respects the UN Charter and it’s founding principles. Additionally, he said, “The repercussions of the ongoing Ukraine conflict have further heightened economic stresses, especially on food and energy”, adding that India advocated a ‘zero-tolerance’ approach towards terrorism.
India's diplomatic maneuvering has not gone unnoticed, with its interventions proving pivotal in mitigating risks during critical junctures of the conflict.
Reports highlight India's role in facilitating grain shipments from Ukraine and addressing concerns regarding the safety of the Zaporizhzhia nuclear power station in eastern Ukraine.
India's access to discounted Russian oil has mitigated potential shocks from oil price fluctuations, maintaining its strategic foresight and economic resilience. While posessing strong historical ties with Russia, India has also engaged with Ukraine, ensuring the safe evacuation of its citizens and fostering diplomatic dialogue.
India's balanced approach has positioned it as a key player in navigating the complexities of geopolitics. Recently, Ukraine’s Deputy Foreign Minister Iryana Borovets visited New Delhi for the Raisina Dialogue 2024.
On the sidelines, she spoke on various topics ranging from India-Ukraine ties and Russia-Ukraine war among others. During her engagement, she conveyed optimism that Prime Minister Modi would participate in the peace summit due to be held in Switzerland this year. Where the European nation is set to hold discussion on the ongoing war between Russia and Ukraine.
Borovets further said that India can play a significant role in stopping the hostilities.
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