Russia to Import Medical Equipment from India as War Disrupts Trade

28 April 2022

Russia is seeking more medical equipment from India after western countries have imposed sanctions on Russia over its invasion of Ukraine. Medical companies from both sides will discuss ways to boost supplies during a virtual meeting on 22^nd April 2022. Last year, Russia imported US$12 million worth of medical equipment from India. The demand for medical equipment in Russia has been on the rise due to logistical logjams following President Vladimir Putin’s invasion of Ukraine. As a result, there has been a sharp decline in imports of medical equipment from Europe and China. Here’s a look at the Russian import market of medical equipment and how the country is dependent on India for supplies as many countries have closed their doors.

Russia’s imports of medical equipment from India 2021

Russia is now majorly dependent on India for medical equipment as Europe has put sanctions on Russia over its invasion of Ukraine. If we look at the statistics of last year, we found that Russia imported US$12 million worth of medical equipment. Here is a quarter-wise analysis of Russia’s imports of medical equipment from India.

Russia’s medical equipment imports from India in a decade

For a decade, Russia’s imports of medical equipment from India have been on the rise. There was a sharp increase in the value of medical equipment shipments originating from India to Russia in 2017. Russia’s medical equipment imports from India increased in the last three consecutive years. Take a look at the value of Russia’s medical equipment from India reported from 2012 to 2021.

Who supplies medical equipment to Russia?

Russia’s top import partners of medical equipment in 2021 were Germany (21.5%), China (16.1%), United States (13.7%), Japan (10.9%), South Korea (5.5%), Switzerland (3.6%), Italy (2.8%), Mexico (2.6%), France (2.4%), and Netherlands (1.8%). Russia’s imports of medical equipment from China totaled US$409 million and from Europe totaled US$1,077 million last year. China and America together account for nearly 40% of Russia’s total medical equipment imports. Below given chart shows the dollar amount of Russia’s top 10 import partners of medical equipment reported in 2021.

India is hoping to boost exports to Russia as the two nations work out a payment system in local currencies similar to the one used during the Cold War to maintain bilateral trade as Moscow faces sweeping international sanctions. India is also importing discounted crude oil from Russia and is majorly dependent on Russian energy goods. That is why India is not taking a clear stand on Russia’s invasion of Ukraine. In fact, New Delhi has been criticized by the United States and its allies for buying more Russian oil after they sought to isolate Russia due to its war in Ukraine.