banking service chronicle Published this article page no 51 Supply of Vital Import Items The UkraineRussia war and growing sanctions against Russia makes it difficult for India as it has good trade relations with both countries. o Sanctions against Russia includes Freezing of Russias central bank assets Blocking of major Russian banks from the international SWIFT payment transfer network barring Russian airlines from airspace over the EU UK US and Canada etc. Arms Trade with Russia Russia remains the major arms supplier of India but the war has once again increased US threats of application of CAATSA. o As per SIPRI data Russia contributed 46% of Indias total arms imports in 201721 (69% in 201216). Minsk Agreement – I (2014) A 12point ceasefire agreement signed between Russia Ukraine Organisation for Security and Cooperation in Europe (OSCE) and the proRussia leaders from Donetsk and Luhansk at Belarus. Minsk Agreement – II (2015) Also known as Normandy Four it was signed between France Germany Ukraine and Russia after failure of Minsk AgreementI. It gave 13point package to facilitate implementation of Minsk Agreement. 19 Countering Americas Adversaries through Sanctions Act (CAATSA) 2017 It is a US federal law passed in 2017 to impose sanctions on Iran North Korea and Russia. From USA perspective it aims to o Countering Irans Destabilizing activities o Countering Russian Influence in Europe and Eurasia and o Korean Interdiction and Modernization of Sanctions banking service chronicle magazine subscription.
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