Explore Business Standard
Don’t miss the latest developments in business and finance.
Indian-American Congressman Ro Khanna has introduced a stand-alone bill in the US House of Representatives that gives India specific waivers from the punitive CAATSA sanctions. CAATSA is a tough US law that authorises the administration to impose sanctions on countries that purchase major defence hardware from Russia in response to Russia's annexation of Crimea in 2014 and its alleged meddling in the 2016 US presidential elections. The law was brought in 2017 and provides for punitive actions by the US government against any country engaged in transactions with the Russian defence and intelligence sectors. In October 2018, India signed a USD 5 billion deal with Russia to buy five units of the S-400 air defence missile systems, despite a warning from the then-Trump administration that going ahead with the contract may invite US sanctions. The S-400 is known as Russia's most advanced long-range surface-to-air missile defence system. The resolution, which has also been endorsed by ...