'Indian companies can make a place in Russia's pharmaceutical market', said Russian ambassador amid increasing sanctions from western countries

It is now 24 days since the war between Russia and Ukraine. However, Putin's army has not had any significant success in Kyiv or Kharkiv so far. Meanwhile, Western countries have imposed tremendous sanctions on Russia. More than two dozen foreign companies have withdrawn from the Russian market. These include from big retail chains to pharmaceutical companies. Meanwhile, Russian Ambassador to India Denis Alipov has said that in the coming days, Indian pharmaceutical companies can replace Western drug producers.

The Russian ambassador said in an interview to Rossia 24 news channel that India is the world's pharmacy market and the largest producer of generic drugs, which are no less than any real medicine. Alipov told the Sputnik agency that the exit of Western companies from the Russian market could be beneficial for Indian companies. Especially in the pharma industry.

Significantly, the US and EU countries have imposed strict sanctions on the Putin government and its banks in connection with the war waged by Russia against Ukraine. Due to this, most of the Western companies have pulled out of Russia. From food chain McDonald's to payment gateway companies such as Visa and MasterCard, they have also shut down their services in Russia. Apart from this, many more institutions are also considering leaving Russia. In such a situation, Russia's troubles are increasing in many important areas.

In the past, along with America, many countries have also banned the purchase of oil from Russia. In such a situation, Russia is likely to suffer heavy losses in this area as well. However, to reduce this loss, he offered to provide oil to India at a cheap price. According to reports, Indian oil companies have also bought four times more oil from Russia than normal capacity in March alone. To pay for the increasing oil purchases, the governments of both the countries are also trying to figure out the method of payment in rupees.