30 July, 2022: “The ongoing war between Russia and Ukraine is forcing many countries to the formation of G -ZeroMeet and many countries will confine to take decisions that will be beneficial to them” observedMsSuhasiniHaidar, Diplomatic Editor- The Hindu at the 65thWiseViews Leadership Conversations webinar series conducted by ICFAI on July 29th, 2022.MsSuhasiniHaidar delivered a talk on “The Russia-Ukraine Conflict”: Assessing India’s Policy and the Impact of the Conflict on Global Economy”.
Ms. Haidar termed the war as invasion of Russia on Ukraine that began on February 24, 2022 and no one knows when it is going to stop. But there are many impacts of this invasion that changed the future of many countries including India. Despite of the warnings of the United Nations and the Europian Union, Russia decided to go ahead with its attack on Ukraine which attracted sanctions that crumpled their economy. Many MNC’s like Master card, Coco Cola, JP Morgan etc closed down their operations in Russia.
“The attack of Russia also resulted in drop of the GDP of the Global Economy and the countries which depend on imports, exports and tourism suffered a lot”, explained Ms. Haidar. “The oil prices have also gone up all over the world due to this ongoing altercation as Russia is one of the largest producer of oil,” she added. Ms. Haidar further stated that the UN is looking for a solution for this problem in the upcoming G20 summit which is to be held in Indonesia in this year.
India’s Stance: “Right from the beginning, India maintained a neutral stance of the Russia – Ukraine war for many strategic reasons. 60% of Indian Military deals and 80% of the Technological support comes from Russia. Apart from that India has a traditional partnership with Russia and it supported our country many a time at the UN summits through it VETO power”, elicited Ms. Haidar.
“India also needs the support of Russia to counter the double danger that is looming from China and Pakistan. India also has many collaborations with regard to renewable energy and higher education with Russia and experts are suggesting that our country maintain the same stand till the closure of this war”, said Ms. Haidar.
Answering to a query in the Q & A session, Ms. Haidar stated that while 40% of the world supported the sanctions on Russia, remaining 60% backed away from that to nullify some of the impacts on the global currency and global economy”.
The conversation was moderated by Prof. R Prasad, Director – Academic Wing, ICFAI Group and Prof. Sudhakar Rao, Director – Branding, ICFAI Group.
About 250 participants including researchers, faculty, working professionals, and students attended the webinar which was also live streamed on the facebook.