India and Russia in Advanced Talks for Free Trade Deal to Address Sanctions and Trade Deficit.

Russia is negotiating a free trade deal with India to substitute part of the products and investments that were banned by sanctions enacted after the Ukrainian conflict erupted. Russia is now the largest oil supplier of India, with the country taking advantage of the discounted Russian crude. The cooperation between the two countries has not been affected by the Russia-Ukraine conflict, because India has not condemned Putin’s actions, maintaining public neutrality on the issue. The completion of an FTA between the two countries would simplify the introduction of foreign products in both markets, depending on the final determination of such an agreement.