Russian President Vladimir Putin assured today that he will continue to supply oil to India despite the sanctions imposed on Delhi by the US on the grounds that these imports finance Russia's war in Ukraine, summarized Agence France-Presse, quoted by BTA.
“Russia is a reliable supplier of oil, gas, coal and everything necessary for India's energy development“, Putin said during a meeting with Indian Prime Minister Narendra Modi.
“We are ready to continue uninterrupted supplies of oil to the Indian economy, which is growing rapidly“, he added.
Without explicitly mentioning Russian oil, Modi, in turn, thanked the his guest for his unwavering support for India and added that energy security is an important and strong pillar of their partnership.
For months, India has been under pressure from the United States, which accuses it of financing Russia's military efforts in Ukraine by continuing to buy crude oil from Moscow at particularly advantageous prices. In late August, US President Donald Trump stepped up the pressure on Delhi by imposing a 50 percent tariff on Indian imports. This came at the height of bilateral discussions on signing a free trade agreement between the two countries. Trump subsequently said that Modi had promised him that he would end imports of Russian crude oil, which accounts for 36 percent of the volume of oil refined in India. Delhi has never confirmed Trump's claims, but purchases of Russian crude have declined, according to international trading platform Kpler. Several Indian companies have announced that they are refusing to source from Russia.
Modi welcomed Putin with full honors at the Delhi airport yesterday. He also organized a private dinner in his honor.
Since the beginning of Putin's visit to India, the two leaders have not stopped complimenting each other and emphasizing the excellent state of historical relations between their two countries. Modi called Putin a "true friend" and expressed optimism about finding a peaceful solution to the Russian-Ukrainian conflict. Putin, in turn, thanked Modi for his efforts to find a solution to this conflict. He then praised the deep historical relations and the great trust in military and technical cooperation between India and Russia.
So far, India has avoided openly condemning Russia's invasion of Ukraine, while maintaining ties with both Europe and the United States. Modi has also repeatedly stressed his commitment to a multipolar world order and resisted Western calls to distance himself from Russia.
The two countries used Putin's visit to discuss military cooperation. The defense ministers of the two countries also met, but no agreement was signed. India has also approached other arms suppliers, including France. But Moscow remains one of Delhi's main and preferred suppliers.
India has expressed interest in purchasing new Russian S-400 air defense systems and has also shown interest in the Russian fifth-generation Su-57 fighter jet, according to Agence France-Presse. Delhi already received three S-400 systems from Russia in 2018 under a deal worth $5.4 billion, the Associated Press also recalls on the subject. Two other systems are due to be delivered, but delivery has been delayed due to supply chain disruptions.
In February, India and Russia signed an agreement to enhance military cooperation, exercises, port visits, disaster relief and logistical support. The State Duma in Moscow ratified the agreement ahead of Putin’s visit to India, the AP recalls.
After the talks, Putin and Modi announced that India and Russia had finalized a program for economic cooperation until 2030 that will help diversify their businesses, with the goal of increasing annual trade to $100 billion by 2030. Bilateral trade between the two countries now stands at $68.7 billion, according to data for the last financial year. However, the trade is marked by a large deficit for India, which it is trying to overcome by promoting exports. "To achieve this significant goal, a program for the development of Russian-Indian economic cooperation until 2030 has been agreed," Putin said. He said work was underway on an agreement to create a free trade zone between India and the Eurasian Economic Union, an economic grouping of several former Soviet states dominated by Moscow, adding that this could contribute to increasing trade.
Meanwhile, Russia's largest producer of potassium carbonate and ammonium nitrate, Uralchem, has signed a memorandum of understanding with three Indian companies to establish a joint venture to build a urea plant in Russia, the Indian government and Uralchem said on Monday, Reuters reported.
Putin's visit to India was part of the 23rd India-Russia summit, the AP reported. Putin is expected to return from India tonight, Agence France-Presse added.