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Free AccessUNGA Abstention Signals Gov't Content To Maintain Neutral Ukraine Stance
India's abstention on a 23 Feb UN General Assembly resolution condemning Russia for the invasion of Ukraine and calling on the need to reach a "comprehensive, just and lasting peace” as soon as possible clearly signaled the failure of Ukraine's Western allies to seek to encourage India to implement a more hard-line stance against Moscow. India has abstained on all UNGA and UNSC resolution votes in relation to the war in Ukraine. India was one of 32 nations that abstained, including China. Seven, including Russia, voted against with 141 in favour.
- The stance of the Indian gov't has come into even greater focus in 2023, as it holds the rotating presidency of the G20 group of nations. The city of Bangalore is currently hosting the finance ministers and central bank governors summit, with signs of division already evident. French Fin Min Bruno Le Maire has stated that he will oppose any G20 communique that does not explicitly condemn the war in Ukraine.
- Russia remains a significant source of military equipment and hydrocarbons for India. While the Modi gov't has sought to boost the domestic arms industry, and Western nations - notably the UK - seek to expand their role in provisioning the Indian military, this is likely to prove a long-term drive rather than a short-term turnaround.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.