The Bengal Chamber of Commerce and Industry organized a Roundtable Discussion on “Ukraine : Dynamics of Geopolitics”, with Air Chief Marshal (Rtd.) Arup Raha, Honorary Member and Ambassadeur Extraordinaire, The Bengal Chamber and President, CENERS− K, on 5th May 2022 in The Bengal Chamber premises.

Dr. Nilanjan Ghosh, Director, Centre for New Economic Diplomacy & ORF Kolkata Centre, Observer Research Foundation moderated the discussion forum.

The following discussions on Russia-Ukraine : Dynamics of Geopolitics, were made during the session :

The Russia−Ukraine war has generated a climate of fear rooted in Cold War geopolitics of mutual “mistrust” between Russia and the West. There are apprehensions that it may even extend up to the Indo−Pacific region.

India had taken a neutral, stance, born of its historic strategic partnership with Russia. This alliance is spread over several fronts—diplomacy, nuclear energy, and — making Russia a pivotal part of India’s nation−building process.

Indian banks have small exposure to the two warring countries; but oil price surge above $100/bbl mark could impact India's current account deficit and inflation. A major setback for global economic growth has taken in place as Russia is one of the largest exporters of crude oil globally. India’s trade, however, comprises only 1% oil imports from Russia, but there could be a spill over impact in the form of high inflation and sluggish growth.

Reserve Bank of India is giving extra ammunition to seek dominance in the changing world order as alternate payment and settlement mechanisms are explored. Russia’s disconnect from trading partners in the world has created a void, which India would be able to fill in terms of exports.

With the increase in sanction against Russia, more opportunities are likely to open for India, for not only traditionally traded items, such as, pharmaceuticals; tea; rice etc, but also in newer areas like medical devices; software and hardware; transport, machinery; mobile and telecom devices; chemicals; textiles; leathers; ceramic and agriculture.

The proposed Rupee−Ruble payment mechanism could settle payment in non− dollar currencies among interesting jurisdictions of BRICS and SAARC Countries.

Mr. Abraham George Stephanos, President, The Bengal Chamber of Commerce and Industry and Managing Director, Tata Steel Downstream Products Limited presided over the programme.

Mr. Deb A Mukherjee, Immediate Past President, The Bengal Chamber of Commerce and Industry; Dr. Abhijit Sen, Past President, The Bengal Chamber of Commerce and Industry and other senior members of the the Managing Committee of the Chamber were present in the programme.