Vladimir Putin visits India this month will discuss bilateral trade with PM Modi
Russian President Vladimir Putin arrives in India this month.
In the midst of his visit Russian President Vladimir Putin will discuss expanding Indian imports. Adding that Moscow intends to continue deepening economic engagement with its key partners, including India and China.
Speaking at the VTB Investment Forum, Putin said that bilateral trade volumes with both India and China have risen sharply over the past three years.
Reportedly, Putin used his address to launch a fresh attack on Western governments, accusing European states of abandoning diplomacy. “If Europe wants to fight war, they (Russia) are ready now. Adding further that Europeans don’t have a peaceful agenda, they are on the side of war and the world was experiencing “high turbulence” caused by countries that “use their monopoly position” to exert pressure on others. He asserted that Western states “want to eradicate all competition” but added further that “they are failing and will continue failing.
Putin also reiterated that Russia would pursue an independent economic course aligned with its national priorities. “Russia will continue to pursue a sovereign economic policy, acting with their national interests in mind.
Wheress Kremlin spokesperson Dmitry Peskov said Russia is ready to address India’s concerns over the widening trade deficit and will seek to create an “architecture” that shields bilateral commerce from pressure by third countries. He said that New Delhi’s procurement of Russian crude may dip briefly because of Western sanctions, but Moscow was taking steps to maintain supply volumes.
Further adding that there are sanctions against the Russian oil production sector, but are finding ways not to let the volume of trade go down and that Russia had “deep experience” in operating under what it considers “illegal sanctions.”
He even stressed that Moscow wants a mechanism that protects India–Russia trade from external interference. “Russia should create an architecture of their bond nthat must be free of any influence coming from any third country. We have to secure our trade from pressure from abroad.
Meanwhile, Peskov indicated that settlement mechanisms in national currencies, bypassing the dollar-denominated system, may feature in discussions amid Putin and PM Modi. They (Russia) understand the pressure on India,” referring to the US.
He acknowledged India’s long-standing concerns over the massive trade imbalance. “they are aware of that and are selling much more than they buy from India.
(Russia) want to buy more from India,” India currently imports goods and services worth around USD 65 billion from Russia, while Russian imports from India stand near USD 5 billion.
The spokesperson also said cooperation in defence, including joint production of BrahMos missiles, may see further expansion. Discussions may also cover Su-57 fighter jets, additional S-400 air defence systems, and collaboration on small modular nuclear reactors. “Russia has experience in producing these small reactors and is ready to supply the technology.
On India–China relations, Peskov said Moscow respected the bilateral equation and hoped both nations could resolve their issues “to keep global stability and peace.” He went on to add that Russia seeks a relationship with India “as deep” as its declared “limitless” friendship with China. “We are ready to go as far as India is ready.
Peskov also welcomed recent US-led mediation efforts on the Ukraine conflict and said Russia remained open to peaceful negotiation. “Russia appreciate India’s position and the readiness of Prime Minister Modi to look for a peaceful solution.
And that Russia was willing to work closely with India “to combat terrorism” and said Moscow would continue to expand ties with Afghanistan.
On the broader partnership, Peskov said Russia is “proud to stand shoulder-to-shoulder with India” amidst its phase of significant growth.
News Edit KV Raman
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