What implications does the Russia-Ukraine crisis have on India? Discuss

Recently, the Russian invasion of Ukraine had shifted the focus of world leaders to the conflict zone and it will not only have a devastating effect on Ukraine and Russia but the whole world will have to bear long term implications in terms of economic crisis, humanitarian crisis, geopolitical interest shift and so on.

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Implications on India

• Russia is a major defence partner of  India, this crisis will lead to CAATSA sanctions imposed by the USA on India in the procurement of S-400 missiles.
• India also imports 90% of its sunflower oil from Russia and Ukraine, now it seems it will lead to a cut in imports as sanctions posed by western countries on Russia which results in an economic crisis in Russia long term and price rise in oil also felt in India.
• This crisis has also shown an impact on BSE India which is dropped by 2700 points many according to many experts it's been highest drop in the last two years. 
• Russia also provides essential material resources such as Palladium and Neon to India and many other countries for semiconductor manufacturing, now it will lead to rising in price as a shortage in supply of these elements.
• India also imports fertilisers and pharmaceuticals from Russia will lead to a shortage in India and result in inflation in-country and further deteriorate the agriculture sector and pharmaceutical industries.
• Russia and Ukraine are major importers of coffee and tea from India so Indian export of tea and coffee will also hit hard.
• The prolonged war will increase the dependence of Russia on China and strengthen relations which will have an adverse impact on India.
• Due to the crisis, India would have to choose between USA and Russia as the UNSC and  UNGA resolution passed against Russia, though India abstained from voting many experts says that abstention from voting is nothing but supporting to which India replied that diplomacy is the only solution to the crisis.
• There is also a disastrous effect of war on the strong diaspora present in Ukraine especially medical students who have been stuck in Ukraine amid war.
• Due to the war focus of world leaders has shifted to Europe and Ukraine from Indo-Pacific which is beneficial for China and its expansionist policy in Indo-Pacific and India will be impacted by it.

Way Forward

• For the development of peace in the region, Minsk Agreement II must be revived.
• Ukraine should focus on working with Normandy Format, which was created in 2014 to resolve the issue and establish peace.
• There is a grave need for the talk and more dialogues to normalise the situation.
• The US with other NATO members can negotiate a peace process between Russia and Ukraine.
• India must take a neutral stand by suggesting Russia withdraw its troops from Ukraine