Suspense Crime Sach Ka Dam
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Russia, isolated from the world due to the war with Ukraine, is pressurizing India to cooperate in the FATF (Financial Action Task Force). According to a Bloomberg report, Russia has said that it will cancel defense and energy agreements with India if India does not prevent Russia from being included in FATF’s ‘Black List’ or ‘Grey List’.
FATF (Financial Action Task Force) is an international organization that tries to prevent international economic crimes. Countries on FATF’s black or gray list are subject to increased monitoring and suspension of financial aid.
According to the report of the news agency Bloomberg, behind the scenes, Russia is pushing to save many countries of the Global South including India from the list of FATF. It is being said that due to the war with Ukraine, the Financial Action Task Force may blacklist or gray list Russia in June. The report states that Russia is threatening to cancel defense and energy deals with India to save itself from economic isolation.
FATF canceled Russia’s membership in February 2023. While suspending Russia’s membership, FATF said that Russia’s ongoing military operations in Ukraine are against the fundamental principles of FATF. Russia’s ongoing actions in Ukraine are provocative. FATF has been insisting that Russia be put in black list or gray list since the cancellation of membership.
According to the report, earlier this month a Russian state agency warned India that if the FATF blacklists or grays Russia, it will have dire consequences in the energy, defense and transport sectors. The Russian official said on condition of anonymity, “This is a very serious and sensitive issue. This is a kind of warning from Russia about unexpected and negative consequences.
The Russian agency has urged India to oppose FATF’s move terming it political and illegal. He has said that if Russia is also kept in the gray list, it will create problems for India. However, it is not yet clear whether India has responded to these warnings. Apart from this, no official statement has come from Russia or India yet.
What will be the effect on India?
Many Western countries, including the US, have already imposed several sanctions on Russia because of the Ukraine war. After this, Russia has tried to improve relations with countries like China, India and Taiwan to save its economy. However, if FATF blacklists Russia, it will also become extremely difficult for these countries to do business with Russia. Due to which the Russian economy can collapse.
If the FATF blacklists or grays out Russia, the ongoing bilateral cooperation between oil major Rosneft and Nayara Energy Ltd could be affected. Exports of Russian arms and military equipment, as well as technical cooperation in the defense sector, could also be at risk.
