Hi,
This time, we bring you a story that echoes a Hindi phrase often heard in political debates these days: "aapda me avsar,” or opportunity in conflict.
When the West imposed strict sanctions after the Ukraine war to cut Russia off from critical aviation supplies, a new trade route quickly and quietly emerged – through India.
In this cross-border investigation led by Investigate Europe, we uncovered how Indian intermediaries, mostly small-time traders, re-exported aircraft parts worth millions from Western firms like Boeing and Airbus to Russian buyers, including sanctioned entities.
These Indian intermediaries quickly tapped into this booming multimillion-dollar business. Some of these Indian firms didn't even exist before the war; others pivoted from unrelated industries like textiles and perfumes to aviation practically overnight.
The profits were massive, but so were the risks – by late 2024, the US cracked down, blacklisting 19 Indian companies.
Despite diplomatic pushback from New Delhi, Washington has made it clear that these sanctions aren’t just symbolic. Companies and directors could face financial and legal consequences that might impact their global trade ties.
Read our full investigation, produced in collaboration with media partners across 11 countries, to expose how Indian businesses cashed in on a raging conflict.
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Editor