Sputnik V production in India in a spot due to sanctions against RDIF

The US slapping sanctions on the Russian Direct Investment Fund (RDIF) which markets Sputnik V internationally has sparked concerns over the manufacturing of the COVID vaccine in India which is the world’s second-largest producer of the jab after Russia.

Russian banks being barred from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) adds to worries.

Manufacturing and exports have been compromised in India, according to industry sources who spoke on this matter with CNBC-TV18.

The sources say there is inventory on hand awaiting offtake but due to a lack of demand there will be no production.

As of now, there’s no communication from anyone with regard to Sputnik V, the sources added.

Strides Pharma Science and Panacea Biotec declined to comment over this.

Russian sovereign wealth fund 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. Moneycontrol