In the murky realm of oil trading, the rise of the Russia-India trade has been astonishing. Involving two of the world's most powerful businessmen, it has potential implications for Australia's security.
Sitting at the top of a business empire that spans fossil fuels, telecoms and retail, he is India's – in fact, Asia's – richest person.
Few businesses have been more important to the amassing of that wealth than Reliance's oil refineries. He said Russia was getting a willing buyer for exports that had been shut out of western markets, while India was able to hoover up big amounts of energy for its growing economy. Priya Chacko, a senior lecturer of international politics at the University of Adelaide, said the two sides also shared a sense of "anti-Western imperialism" that continues to this day.Dr Chacko said more recently, there had been a growing alignment in the views and philosophies of the two countries' leaders – Mr Putin and Mr Modi.
India and its leader, Narendra Modi , are striding the global stage with increasing confidence.And Dr Chacko said India was not interested in being dictated to by the West, nor accepting the "United States as the hegemon that it has to follow".Fundamentally, though, Dr Chacko said India was a vast country of 1.4 billion people and securing enough energy to power its economy would always be Delhi's priority.
To that end, Mr Sahdev said Western powers led by the US had been tacit in their approval of India's decision to ignore the boycott calls. According to the FT, the company's remarkable rise appeared to be the work of its biggest client, Russian oil giant Rosneft, whose boss Igor Sechin is nicknamed "Darth Vader" courtesy of his close links to Mr Putin and Russia's security apparatus.Isaac Levi from Finland-based group the Centre for Research on Energy and Clean Air said the subtle and obvious ways in which the Russia-India oil trade had ballooned made a mockery of efforts to punish Moscow for its aggression.
What's more, he said it was a country on the rise, as shown by the nature of its oil trade with Russia – a relationship in which India was now the dominant partner.
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