The sanctions imposed by the United States on the Russian Direct Investment Fund (RDIF), which markets Sputnik V internationally has raised concerns over the manufacturing of the Covid-19 vaccine in India, the second largest producer of the jab after Russia. Further, blocking of certain Russian banks’ access to the SWIFT international payment system as part of more sanctions for invading Ukraine has also added to the worry.
The manufacturing and exports of Covid-19 vaccines have been compromised in India, CNBC-TV18 quoted industry sources aware of developments as saying. It was also said that there is inventory on hand awaiting offtake but due to a lack of demand there will be no production.
There is no communication from anyone with regards to Sputnik V, the sources added.
Sputnik V has been authorised in 71 countries with a total population of over 4 billion people. RDIF is Russia’s sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors.
RDIF has partnered several pharmaceutical companies to manufacture Russian vaccines in India, including Serum Institute of India, Gland Pharma, Hetero Biopharma, Panacea Biotec, Stelis Biopharma, Virchow Biotech, and Morepen.
The fund has said in a statement that it is not engaged in any political activities and that the sanctions imposed may make it more difficult to promote Sputnik V.
China, a close ally of Russia, said on Monday that it was opposed to illegal unilateral sanctions and will continue to carry out normal trade cooperation with Moscow, as the US, EU and their allies stepped up punitive measures against Russia, including the interbank messaging system SWIFT.
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