Russia has been hit with severe economic sanctions by the West following its invasion of Ukraine. Top government officials and the country's businessmen face punitive measures as the West mounts pressure on Moscow to de-escalate its military offensive in Ukraine
Among those hit by sanctions is the Russian Direct Investment Fund (RDIF), which is the sovereign wealth fund of the Russian Federation, and its Chief Executive Officer (CEO) Kirill Dmitriev. RDIF is the backer of Sputnik V Covid-19 vaccine, which has been developed by the government's Gamaleya Research Institute.
In a statement, RDIF called the sanctions "politically motivated" and lobbied by large Western pharmaceutical companies.
"Imposition of sanctions against RDIF, which from the moment it was established has stood for building international relations and supporting constructive ties, demonstrates that the US has picked the course to destroy constructive dialogue between countries," the statement read.
"The restrictions imposed by the US authorities complicating RDIF efforts on the international promotion of the Russian vaccine products, have been lobbied by a number of large Western pharmaceutical companies. As a result of such unfair competition, billions of people around the world may be deprived of access to effective and safe Russian-made vaccines," the statement added.
RDIF has claimed that its Sputnik V vaccine showed "best results" against the Omicron variant, surpassing the Pfizer vaccine by more than two times in terms of antibodies generated after vaccination.
"RDIF believes that the announced measures to restrict its operations are politically motivated and go against the principles of humanitarian cooperation," the statement by RDIF read.
SPUTNIK V's GLOBAL PRESENCE
According to RDIF, Sputnik V Covid-19 vaccine has been authorised in 71 countries, including India, with a total population of more than four billion people.
Developed by Gamaleya Research Institute, part of Russia’s Ministry of Health, the vaccine has an efficacy rate of 91.6 per cent among fully vaccinated people, according to a study by The Lancet.
SPUTNIK V's PRESENCE IN INDIA
Outside Russia, India is the largest leading production hub for Sputnik V and its single-dose version, Sputnik Light. In India, the RDIF has a tie-up with Dr Reddy's for the production of Sputnik V.
The RDIF has also reached agreements with other leading pharmaceutical companies, including Serum Institute of India, Gland Pharma, Hetero Biopharma, Panacea Biotec, Stelis Biopharma, Virchow Biotech and Morepen, to produce the Russian vaccines in India.
Sputnik V received the emergency use authorisation in India last year, while Sputnik Light got the approval from the country's Drugs Controller General of India (DCGI) last month.
WILL WESTERN SANCTIONS AFFECT SPUTNIK V PRODUCTION?
Despite its presence in 71 countries, Sputnik V is yet to receive emergency use approval from the World Health Organisation and European Medicines Agency, the European Union's drug regulator.
The WHO was supposed to visit Russia last month to inspect the factories where Sputnik V is produced, but Moscow's actions in Ukraine threaten to put this development in a limbo.
Further, the West has blocked key Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global financial messaging system, which could affect the exports of the Russian medicines and vaccines.
This comes even as the RDIF has claimed that it was "never involved in any political activities, does not interact in any way with Ukraine and follows the world’s best investment practices".
The effects of the Ukraine war started showing up even before the sanctions hit. On February 23, Germany's Bavarian region said it will block the production of Sputnik V, even if it is approved by the EMA.
The RDIF has vowed to use all available means to protect its "rights, reputation and lawful interests" against the Western sanctions, including seeking judicial recourse in relevant jurisdictions.
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