Russian President Vladimir Putin has attributed the recent growth in trade between India and Russia to the "personal attention" of Prime Minister Narendra Modi. The remarks were made during a meeting with India's External Affairs Minister S. Jaishankar in Moscow, where both leaders discussed the strengthening of bilateral ties across various sectors.
Putin noted that while trade turnover between the two nations saw a slight decline last year, it has rebounded significantly this year. He emphasized Modi's dedication to fostering Russian-Indian relations as a key driver behind this positive trend.
Expanding Cooperation Beyond Trade
Beyond the growing trade figures, President Putin highlighted several other critical areas of ongoing cooperation. These include the energy sector, the supply of essential fertilisers to support Indian agriculture, nuclear power projects, and various high-tech initiatives. He assured Jaishankar that Russia is committed to increasing fertiliser supplies to meet the needs of Indian farmers.
The Russian leader also expressed his anticipation of meeting Prime Minister Modi soon at the upcoming Shanghai Cooperation Organisation (SCO) summit, with indications of further meetings planned for later in the year.
India's Shifting Energy Strategy
The discussions come amidst a notable increase in India's purchases of Russian oil. According to trade consultancy Kpler, India imported over 2.6 million barrels of Russian oil per day in June and July, a substantial rise from approximately 1 million barrels per day in February. During these months, Russian oil constituted more than half of India's total crude imports.
This surge follows a period last year when India had reduced its Russian oil imports after accusations from the US regarding funding Moscow's war in Ukraine. However, India has increasingly turned back to Russian supplies, particularly as global oil flows through strategic passages like the Strait of Hormuz have faced disruptions. Overall, India's crude imports have reached their highest levels in months, totaling around 5 million barrels per day.