Indian Prime Minister Narendra Modi and Russian President Vladimir Putin are set to meet in New Delhi before the year ends, according to a Russian embassy official in India on Wednesday. The exact dates are still being worked out. The announcement comes as Russia aims to strengthen trade ties with India by improving payment systems and removing trade barriers.
The Russian embassy also said, “Discount on Russian crude oil is about 5% for India. India understands there is no chance to change supplies, profit very high for India.” “There is no alternative to Russian crude oil as it is very competitive,” it said, adding that India ‘matters very much’ for Russia.
The comments come at a time when India’s relations with the US have deteriorated, following New Delhi’s hardening stance on opening its dairy and agricultural sectors as part of the trade deal. Adding to the tensions is the 25% additional tariff imposed by Trump for India’s purchase of Russia’s crude oil. US sees India’s oil trade with Russia as an indirect financing of the Russia-Ukraine war.
According to the Reuters report, the Russian embassy emphasized its commitment to developing better payment mechanisms with India to facilitate smoother trade operations. This move is particularly significant as both countries work to maintain their strong economic partnership despite global challenges.
The upcoming meeting between Putin and Modi is expected to further strengthen the ties between the two nations. Both leaders have maintained close diplomatic relations over the years, regularly meeting to discuss bilateral cooperation in various sectors including trade, defence, and technology.
