The Indian government has refrained from taking a stand on the issue.[19] Earlier that day, the Ministry of External Affairs had announced that "India is closely following the development of events in the region". India is also considering setting up a mechanism to trade with Russia using rupees to avoid the effects of sanctions on trade between the two countries.[20] Russia provides about 70% of Indian arms and has had close relations since the Cold War. India was the only member of the Quadrilateral Security Dialogue not to ban Russian exports.