Russia has warned India that if it does not oppose the actions of the Financial Action Task Force (FATF) against Russia, it will cancel the deals of oil and weapons.
After engaging in a war with Ukraine, Russia is facing several international sanctions. The Financial Action Task Force (FATF) had already suspended Russia’s membership in February last year and is now insisting on including Russia in the blacklist or gray list.
According to international media reports, in this situation, Russia is pressurizing India to support its FATF membership to save itself from economic isolation. It has also warned that if India does not prevent Russia from being included in the FATF blacklist, it will cancel the defense and energy agreements between the two countries.
According to Bloomberg’s report, Russia is not only pressuring India but also several other countries in the Global South to prevent its inclusion in the FATF list.
According to the report, a Russian government agency had warned the Indian counterpart at the beginning of last month that if the FATF includes Russia in the blacklist or gray list, there will be severe consequences in its energy, defense, and transportation sectors. The Russian official had said on the condition of anonymity that this is a very serious and sensitive issue, and it is a kind of warning from Russia about unexpected and negative consequences.
It is evident that FATF is an international organization that combats financial crimes at the international level. The inclusion of a country in its blacklist or gray list increases vigilance over that country. It also imposes restrictions on the financial assistance provided to that country.