Opportunities and challenges for India as Russia reaches out amid sanctions

Gains likely with working of a crucial corridor, revival of Rupee-Ruble trade and benefits for Indian insurers; setback for New Delhi's financial sector foray into Moscow

Russia has already reached out to India to use the International North South Transport Corridor (INSTC) across Central Asia, using the Chabahar port in Iran, to transport emergency supplies of grain. The interest is one of the several other positive economic fallouts of the Russia—Ukraine crisis for India.

Indian insurance companies are also considering higher ceding premiums for treaties with European reinsurers. As war clouds hover over Europe, Indian companies are concerned about their exposure to risks in these territories. This is significant, since traditionally the Europe and US-based reinsurers have negotiated higher rates to cover reinsurance for the supposedly