Russia has reaffirmed its commitment to maintaining oil supplies to India despite mounting international pressure, with President Vladimir Putin expected to meet Indian Prime Minister Narendra Modi in New Delhi before the end of the year.
Speaking at a press briefing on Wednesday, Roman Babushkin, Russia’s charge d’affaires in India, described Moscow’s arrangements with New Delhi as a “very, very special mechanism” that will ensure oil imports remain steady. While the visit has been confirmed, dates for the Putin-Modi meeting have not yet been finalised.
India has significantly increased its imports of Russian crude since Western sanctions were imposed following Russia’s invasion of Ukraine. This expansion has drawn criticism from the United States, which plans to impose an additional 25% tariff on Indian exports from August 28. Washington has, however, refrained from applying similar penalties to China, despite its continued purchases of Russian oil.
The European Union has also tightened its stance, sanctioning Russian-backed Indian refiner Nayara Energy last month. The move forced the company to cut back on processing activities, with some international traders reducing business ties.
Despite these challenges, bilateral trade between India and Russia is projected to grow by around 10% annually, according to Evgeniy Griva, Deputy Trade Representative of Russia to India.
The planned Putin-Modi meeting underscores the strengthening energy and trade relationship between both nations, even as geopolitical tensions complicate their dealings with Western partners.
Melissa Enoch
Follow us on: