IN Bureau

Moscow is looking at Indian pharmaceutical companies to replace the Western pharma giants that are pulling out of the Russian market because of the US-led sanctions due to the Ukraine conflict.

"The withdrawal of many Western companies from the Russian market and those niches that have been vacated may actually be occupied by Indian companies in many industries, in particular, in pharmaceuticals," Mr Alipov told the Rossiya 24 broadcaster, according to Sputnik news agency.

The newly appointed Russian envoy added that India is a "world pharmacy" and a leading manufacturer of drug copies that are no worse than the original.

India's Vaccine Maitri initiative last year reinforced its credentials as the "pharmacy of the world".

India is already a major exporter of medicines to the Russian market and its generic drugs are much cheaper than their branded western counterparts.

The Russian ambassador also praised the India’s foreign policy stand on the ongoing Russia-Ukraine conflict.

India has also increased its oil purchases from Russia in recent days. Indian Oil Corp. the country's top refiner, recently ordered 3 million barrels of Russian oil through a tender while Hindustan Petroleum Corp has booked 2 million barrels. The oil is being offered at a deep discount of $20 to 25 per barrel at a time when global oil prices have skyrocketed past the $100 per barrel mark.

India will study the impact of Western sanctions against Russia while devising a payment mechanism to settle its trade with Moscow, the finance ministry said on Thursday.

Russia exported $6.9 billion worth of goods to India in 2021, mainly mineral oils, fertilisers and rough diamonds, while India's exported goods worth $3.33 billion, mainly pharmaceutical products, tea and coffee.

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