Is Russia Committed to Ensuring Continuous Fuel Supplies to India?
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Synopsis
On December 5, Russian President Vladimir Putin assured India of uninterrupted fuel supplies, reinforcing bilateral ties. During a press conference with Prime Minister Narendra Modi, they discussed agreements to enhance economic cooperation. With a trade target of $100 billion by 2030, this partnership is set to grow significantly.
Key Takeaways
- Putin's commitment to uninterrupted fuel supplies to India.
- Aiming for $100 billion in bilateral trade by 2030.
- Agreements span various sectors such as fertilisers and maritime logistics.
- Current trade valued at $65.70 billion.
- Focus on diversification of trade for economic growth.
New Delhi, Dec 5 (NationPress) Russian President Vladimir Putin on Friday reaffirmed his commitment to providing uninterrupted fuel shipments to India, aiming to bolster the strong ties between the two nations.
During a joint press briefing with Prime Minister Narendra Modi, Putin stated: "We are prepared to maintain a steady flow of fuel to support the expanding Indian economy."
This declaration came as both nations inked several agreements across various sectors, including fertilisers, food safety, and maritime logistics. Prime Minister Modi emphasized the importance of economic collaboration, noting: "India and Russia have agreed on a program for economic cooperation that aims to enhance trade until 2030."
According to Kremlin spokesperson Dmitry Peskov, Russia anticipates a revival in its oil exports to India despite recent declines attributed to Western sanctions. He remarked, "There may be minor, short-lived reductions in oil trade volumes," during a video conference with Indian journalists.
India emerged as the leading buyer of Russia's seaborne oil following the Ukraine conflict; however, it recently reduced crude imports due to US sanctions targeting major Russian firms, Rosneft and Lukoil.
Subsequently, Europe has also imposed sanctions on the purchase of refined petroleum products derived from Russian crude.
For the fiscal year 2023-24, the bilateral trade between India and Russia was estimated at $65.70 billion, with Indian exports contributing $4.26 billion and imports at $61.44 billion. Both nations aspire to elevate their trade to $100 billion by 2030.
Piyush Goyal, Commerce and Industry Minister, urged India and Russia to collaborate for greater diversity and balance in their trade portfolio, emphasizing the significant potential within their economic partnership.
At the India-Russia Business Forum, Goyal remarked: "Bilateral trade is nearing $70 billion, but we cannot afford to be complacent; growth and balance are essential."
In FY25, key imports from Russia to India included crude oil at approximately $57 billion, animal and vegetable fats and oils at $2.4 billion, fertilisers at $1.8 billion, and precious and semi-precious stones at $433.93 million.
Point of View
The ongoing commitment of Russia to supply fuel to India reflects the strengthening of bilateral ties amidst global challenges. This partnership is not only crucial for India's energy security but also highlights the potential for economic growth and diversification in trade, which can significantly benefit both nations.
NationPress
05/12/2025
Frequently Asked Questions
What did Putin assure India regarding fuel supplies?
Putin assured India of uninterrupted fuel supplies to support its growing economy.
What is the target for India-Russia bilateral trade by 2030?
Both nations aim to increase bilateral trade to $100 billion by 2030.
What sectors were covered in the agreements signed between India and Russia?
The agreements cover sectors such as fertilisers, food safety, shipping, and maritime logistics.
How much was the bilateral trade between India and Russia valued for 2023-24?
The bilateral trade was valued at $65.70 billion, with Indian exports at $4.26 billion and imports at $61.44 billion.
What are some major imports from Russia to India?
Major imports include crude oil, animal and vegetable fats, fertilisers, and precious stones.
