Western sanctions against us a catalyst for trade with India: Russia

Last year, bilateral trade and economic cooperation between the two countries received a powerful impetus and mutual trade reached almost USD 30 billion

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Deputy Foreign Minister of Russia Andrey Rudenko said that "Western sanctions against Russia have served as a catalyst for trade with India."

In an interview with RIA Novosti, he said, "India and Russia have accelerated transition to payments in national currencies and development of a self-reliant transport and financial infrastructure."

Notably, last year, bilateral trade and economic cooperation between the two countries received a powerful impetus and mutual trade reached almost USD 30 billion.

Rudenko also said that both countries are accelerating the transition to settlements in national currencies and the joint development of self-sufficient transport and financial infrastructure.

"I am confident that the upward trend will continue this year," added the Russian Deputy Foreign Minister.

Responding to Russia's plan to further increase the volume of oil supplies to India, Rudenko said, "We will continue to export as much oil to India as it needs to ensure its own energy security. Russian energy companies ensure the fulfillment of relevant requests as soon as possible."

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It is pertinent to note that India has not joined the "price ceiling" imposed by the West on oil from Russia.

"Therefore, the contract price for the shipment of our fuel to Indian companies is formed, as it should be in a civilized economic community, by market methods," said Rudenko.

Speaking about Russia's plan to complete the delivery of S-400 missile systems to India, he said, "As for the supply of military products to India, this work is being carried out on schedule and will be completed within the time frame stipulated by the contractual obligations of the parties."

Talking about preparations made for the annual summit between Russian President Vladimir Putin and Prime Minister Narendra Modi, he said, "The leaders of our countries regularly discuss topical issues on the bilateral and international agenda. Such a reconciliation of watches is carried out in various formats and when it is dictated by the logic of the especially privileged strategic partnership between Russia and India. Leaders do not need to artificially demonstrate the strength of Russian-Indian relations, which are based on solid historical and cultural roots, mutual respect and consideration of each other's security interests.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Feb 16 2023 | 7:19 AM IST

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