Finance
Russian President Vladimir Putin has warmly supported India’s choice to continue its oil commerce with Moscow, congratulating Prime Minister Narendra Modi and criticising the US for attempting to compel New Delhi to discontinue its energy imports from Russia.
Speaking at the Valdai Discussion Club in Sochi, Putin lauded Prime Minister Narendra Modi as a “balanced and wise leader” and emphasized the two countries’ special relationship.
Putin downplayed any political purpose for India’s purchase of Russian crude oil, claiming that it is only driven by economics.
“There is no political aspect here… If India refuses our energy supplies, it will suffer certain losses. Estimates vary; some say it could be around $9-10 billion. But if it doesn’t refuse, sanctions will be imposed, and the loss will be the same. So why refuse if it also carries domestic political costs?” he said.
Putin further expressed confidence in India’s resilience and its refusal to bend under external pressure, saying, “Of course, the people of a country like India, believe me, will closely monitor the decisions made by the political leadership and will never allow any humiliation in front of anyone. And then, I know Prime Minister Modi; he himself would never take any steps of this kind.”
These words came just after US President Donald Trump accused India and China of being big financial sponsors of the Ukraine conflict by continuing to buy Russian oil.
In reaction, the US imposed a 25% extra tariff on Indian imports in August, essentially increasing the total levy to 50%.
Putin also emphasized Russia’s long-standing diplomatic connection with India, citing historical ties dating back to the country’s independence movement.
“In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it… We have never had any problems or interstate tensions with India. Never,” he said.
Referring to Prime Minister Modi as a friend, Putin noted their comfortable and trustworthy relationship, calling him a “balanced, wise” and “nationally oriented” leader.
Addressing the ongoing trade imbalance between Moscow and New Delhi, Putin acknowledged the need to diversify imports from India.
“More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals… We need to solve a whole range of tasks to unlock our opportunities and potential advantages,” he said, pointing to financing, logistics, and payment issues as key challenges.
He also mentioned that the special strategic partnership between India and Russia is approaching its 15th anniversary, emphasizing the need of close coordination in their bilateral relations.
Source: IANS
