Russian President Vladimir Putin will be visiting India for the first time since the Russia-Ukraine conflict began in 2022. His visit begins on December 4-5. The world will be watching Putin's visit. This visit is sure to inject new energy into the long-standing relationship between India and Russia. While Russia seeks India's diplomatic support amid the conflict in Ukraine, India is also focusing on meeting several key needs through Russia, including trade and defense agreements.
1. Major emphasis on trade
Currently, Western countries have imposed severe economic sanctions on Russia due to the Russia-Ukraine conflict. As a result, Russia now has very few trading allies. However, even in this difficult situation, India remains an importer and exporter of Russia's oil and many other products. This situation persists even as India faces a 50% tariff from the United States on trade with Russia.
Even in this situation, when the Russian President begins his visit to India, his focus will be on a trade agreement between the two countries. Putin's press secretary, Dmitry Peskov, has already stated that despite some countries attempting to create obstacles in India-Russia relations, India and Russia are striving to increase bilateral trade to $100 billion in the next five years.
II) Efforts to Establish a Rupee-Ruble Trade Mechanism
Russia recently announced its intention to establish a mechanism to protect its trade with India from external influence. Under this framework, the Kremlin plans to create an architecture whereby both countries will transact exclusively in their own currencies, eliminating the use of the dollar. This mechanism will also apply to products other than oil.
Putin himself, while addressing the VTB Investment Forum before his visit to India, stated that his discussions with PM Modi would focus on increasing imports from India. This means that Russia will now strive to become an equal buyer of Indian goods. As part of this, Putin will also participate in the India-Russia Business Forum in New Delhi, where discussions will be held on increasing trade and investment.
According to a report, Russia wants to ensure a significant market for Indian producers, which will enhance industrial cooperation between the two countries. Furthermore, both countries will be able to work on joint projects, which will be helpful in developing high-tech technologies. Russia is also trying to attract Indian human resources to its country.
III). Oil is the biggest issue for India
As for India, Russia's initiatives are most likely to gain new markets. However, purchasing oil from Russia will remain a major issue for India. This is due to the additional 25 percent tariff imposed by the United States, which has brought India's total import duty to 50 percent. India hopes that Russia will address its concerns regarding oil purchases. According to government sources, Putin's delegation will include officials from Russian oil firms Rosneft and Gazpromneft. Both firms are subject to US sanctions, forcing India to reduce its oil purchases from Russia. Putin himself will likely attempt to resolve the issue of Russia's oil exports.
Some reports suggest that the Indian government may propose a 20 percent stake for ONGC Videsh Limited in the ongoing Sakhalin-1 oil and gas exploration project in Russia's Far East.
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