Russian President Vladimir putin on Tuesday announced that he will engage in detailed discussions with Prime Minister Narendra Modi regarding the expansion of Indian imports during his forthcoming visit to India. Speaking at the VTB Investment Forum, Putin highlighted that Russia aims to strengthen economic cooperation with its “key strategic partners,” particularly India and china.
Putin noted that trade volumes between Russia, India, and China have grown considerably over the past three years. He stressed that both nations have become central pillars in Russia’s long-term economic outreach.
Using the forum as a platform, Putin accused European nations of abandoning diplomacy in favour of hostility. “We are ready if Europe wants confrontation,” he stated. “The Europeans do not promote peace — they are standing firmly on the side of conflict.”
The Russian President further argued that the instability affecting global markets is largely a result of Western countries “misusing their monopoly influence” to dominate others. According to him, these powers aim to “eliminate all competition,” but he insisted, “They are failing — and they will continue to fail.”
Reaffirming Russia’s economic direction, Putin emphasized that Moscow will continue to follow an independent and sovereign policy model rooted in national priorities. “We will act only in accordance with our national interests,” he added.
Russia Preparing to Address Trade Imbalance: Peskov
Ahead of Putin’s arrival, Kremlin spokesperson Dmitry Peskov said Russia is ready to tackle India’s concerns over the growing trade imbalance. He stressed the need for a new economic “architecture” that shields bilateral trade from external geopolitical pressure.
Peskov acknowledged that India’s purchases of Russian crude oil could temporarily decline due to Western sanctions, but assured that Russia is implementing mechanisms to maintain supply volumes. “Yes, there are restrictions on Russia’s oil production sector, but we are ensuring that overall trade volumes do not fall,” he said. He added that Russia has extensive experience navigating what it calls “illegal sanctions.”
According to Peskov, it is essential to create a trade framework between India and Russia that remains unaffected by pressure from any third country. “Our partnership requires an architecture free from external interference. We must protect our bilateral trade from outside influence,” he said.
Talks Likely to Include Rupee–Ruble Settlements
Peskov confirmed that discussions around using national currencies for trade settlements—bypassing the dollar-based financial system—may form a key part of the Modi–Putin meeting. “We understand the pressures India faces, especially from the United States,” he stated.
He also acknowledged India’s long-standing concern over the significant trade deficit. Russia currently exports goods and services worth over USD 65 billion to India, while imports from India amount to around USD 5 billion.
| Trade Indicator | India → Russia | Russia → India |
|---|---|---|
| Annual Trade Value | ~ USD 5 Billion | ~ USD 65 Billion |
| Primary Export Categories | Pharmaceuticals, Machinery, Agricultural Products | Crude Oil, Fertilisers, Defence Equipment |
| Major Concern | Low Russian imports | High trade imbalance |
Peskov said that Moscow is actively looking for ways to increase imports from India. He added that defence cooperation—including BrahMos missile production—could witness further expansion. Talks may also cover Su-57 fighter jets, additional S-400 air defence systems, and collaboration on small modular nuclear reactors. “Russia has expertise in these compact reactors and is prepared to share the technology,” he noted.
Stronger Geopolitical Engagement With India
Commenting on the India–China dynamic, Peskov said Russia understands the complexities of the relationship and hopes both nations continue resolving issues peacefully “to ensure global stability and security.” He also expressed that Russia seeks relations with India “as deep” as its “limitless” partnership with China. “We are ready to go as far as India is willing,” he remarked.
Peskov welcomed recent US-led diplomatic efforts on the Ukraine conflict and confirmed that Russia remains open to dialogue. “We value India’s balanced position and Prime Minister Modi’s willingness to pursue peaceful solutions,” he said.
He added that Moscow intends to work closely with New Delhi to combat terrorism and will continue strengthening engagement with Afghanistan.
Peskov concluded by saying that Russia is “proud to stand shoulder-to-shoulder with India” during a period of rapid growth and strategic transformation in their bilateral relationship.
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