New Delhi: Russia, isolated from the world due to the war with Ukraine (RussiaUkraineWar), is pressuring India to cooperate in the FATF (Financial Action Task Force). According to a report, Russia has said that it will terminate defense and energy deals 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 financial crimes. A country on FATF’s black or gray list is subject to increased monitoring and financial aid is suspended.
According to a report, behind the scenes, Russia is pushing many countries of the Global South, including India, to be saved from the FATF list. It is being said that the Financial Action Task Force may blacklist or gray list Russia in June because of the war with Ukraine. The report said that Russia is threatening to cut off defense and energy deals with India to protect itself from economic isolation.
FATF revoked Russia’s membership in February 2023. While suspending Russia’s membership, the FATF said that Russia’s ongoing military operations in Ukraine were against FATF’s fundamental principles. The FATF also said Russia’s ongoing actions in Ukraine were provocative. FATF has been insisting that Russia be blacklisted or graylisted since its membership was revoked.
According to the report, earlier this month a Russian state agency warned its Indian counterpart that if the FATF blacklists or grays Russia, it will have dire consequences in the energy, defense and transport sectors.
“This is a very serious and sensitive issue,” said a Russian official on condition of anonymity. This is a kind of warning from Russia about unintended and negative consequences.” The Russian agency has urged India to oppose the FATF’s move, calling it political and illegal.
He has said that if Russia is also placed in the gray list, it will cause problems for India. However, it is not yet clear whether India has responded to these warnings or not. Apart from this, there is no official statement from Russia or India yet.