Ahead of his upcoming visit to India in early December, Russian President Vladimir Putin said he had ordered his government to devise measures to soften the trade imbalance with India so that any “losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia”.
Speaking at the international Valdai Discussion Club in the Black Sea resort of Sochi in Russia on October 2, Putin said Russia and India had never had any problems or tensions between them and always took actions by keeping in view their sensitivities.
“We have never had any problems or interstate tensions with India. Never,” the Russian leader noted at the forum, which saw participation by security and geopolitical experts from 140 countries, including India.
Highlighting the “special” nature of India-Russia ties that go back to the days of the Soviet Union when India was fighting for its independence, Putin said Russia appreciates that “India has not forgotten it”.
“In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it,” he said.
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Referring to Prime Minister Narendra Modi as his friend, Putin said “everyone in India knows it well” that PM Modi is a “nationally-oriented leader”, particularly when it comes to ignoring US pressure to halt oil imports from Russia.
Adding that he feels comfortable in the trustworthy interactions with PM Modi, Putin said India is led by a “balanced and wise” prime minister.
Noting the vast potential for economic cooperation between India and Russia and in view of the US pressure on India to stop buying Russian crude, Putin said his government will correct the trade imbalance between the two countries by “buying more agricultural products and medicines from India”.
“More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” Putin stated, and added, “The losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation.”
Acknowledging the need to resolve specific issues to fully unlock opportunities of economic cooperation, Putin said identifying financing, logistics and payment bottlenecks as key concerns was imperative.
“We need to solve the whole range of tasks to unlock our opportunities and potential advantages,” he stated.
Recalling the upcoming 15th anniversary of the declaration of a special strategic privileged partnership between Russia and India, the Russian leader said, “That’s what it really is,” noting that in their political relations, Russia and India almost always coordinate their actions.
“We always hear and take into account the positions of our countries on various key issues. Our foreign ministries work very closely together,” Putin said.
Additionally, he welcomed the idea of a joint fund to develop AI and other cutting-edge technology proposed by Dr. Arvind Gupta, Director General of New Delhi-based Vivekananda International Foundation (VIF), who was attending the Sochi forum.
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