Russia Mentions “Special Mechanisms” to Maintain Oil Supplies To India as Putin prepares to meet with Modi
Putin is anticipated to meet with Modi this year, and Russia has pledged to continue exporting oil to India through “special mechanisms.”
Despite growing international pressure, Russia has reiterated its commitment to supplying India with oil, and President Vladimir Putin is scheduled to see Indian Prime Minister Narendra Modi in New Delhi before the year is out.
Russia’s charge d’affaires in India, Roman Babushkin, called Moscow’s agreements with New Delhi a “very, very special mechanism” that will guarantee stable oil imports during a news briefing on Wednesday. Dates for the Putin-Modi meeting have not yet been finalized, despite the visit being confirmed.
Since Western sanctions were put in place after Russia’s invasion of Ukraine, India has greatly increased its purchases of Russian petroleum. The United States, which intends to apply an additional 25% tax on Indian goods starting on August 28, has criticized this increase. But despite China’s ongoing purchases of Russian oil, Washington has not imposed comparable sanctions on the country.
Additionally, the European Union has strengthened its position, last month punishing Indian refiner Nayara Energy, which is financed by Russia. Some foreign dealers slashed their commercial relationships as a result of the decision, which led the company to reduce its processing activity.
Evgeniy Griva, Russia’s Deputy commerce Representative to India, estimates that despite these obstacles, bilateral commerce between India and Russia will increase by about 10% a year.
Even while geopolitical tensions make bilateral interactions with Western allies more difficult, the anticipated Putin-Modi meeting highlights the growing energy and commerce cooperation between the two countries.
