Finance Minister Nirmala Sitharaman has emphasized the potential unintended consequences of sanctions in a globally interconnected world, noting that India is actively navigating through these challenges.
The economic sanctions imposed on Russia by the US and European Union earlier this year have resulted in a decline in bilateral trade with Moscow. The conflict has also driven up energy prices and caused a shortage of food grains.
During a speech at Stanford University, she highlighted India’s stance on the Russia-Ukraine conflict, emphasizing the importance of protecting its economic and security interests.
India’s position is aimed at safeguarding not only its economic concerns but also its security priorities. She emphasized the careful balance India has maintained in its decisions, considering the country’s strategic geopolitical location.
Sitharaman pointed out that sanctions have far-reaching effects beyond the targeted country, impacting numerous other nations unintentionally. She stressed the collateral impact sanctions can have on countries that did not anticipate such consequences.
In a digitally interconnected world, she underscored the immediate and significant impact that unintended consequences of sanctions can have on countries.
