The Russian Embassy in India said on Wednesday that Moscow hopes for a trilateral meeting with India and China which should take place “sooner rather than later.” Speaking on US pressure over India’s purchase of Russian crude oil, Roman Babushkin, Russia’s Deputy Chief of Mission in New Delhi, said that Moscow is confident that India and Russia’s energy cooperation will continue despite external pressure. The Embassy added that the discount that Russia offers India on crude oil is 5%.
Russia will keep supplying oil to India, says envoy
Babushkin acknowledged that the situation is challenging for India but stressed that Russia has full trust in its relationship with New Delhi. He also remarked that Western sanctions are hurting the very countries that have imposed them. Babushkin added that Vladimir Putin is expected to meet PM Modi in New Delhi by the end of this year, but there is no confirmation on the dates yet.
Elaborating on the matter, Babushkin told reporters that Moscow has a “special mechanism” to ensure steady oil supplies, adding that India’s crude imports from Russia will stay at current levels. He also cleared the air saying that the Nayara refinery in India faces no problems as it receives direct oil supplies from Russia’s Rosneft.
Last month, the European Union had sanctioned Nayara Energy, a Russian-linked Indian refinery, forcing it to cut back on processing while some companies reduced trade with it, a PTI report said.
India–Russia Trade Outlook
The US is going to impose an additional 25% tariff on India from August 28 over Russian oil buying. Notably, Washington has not announced similar tariffs on China, despite its large purchases of Russian oil.
Despite these pressures, trade between India and Russia is expected to grow by 10% every year, according to Evgeniy Griva, Deputy Trade Representative of Russia to India.
Commenting on global geopolitics, Babushkin added that the role of BRICS will become even more important as a stabilising force amid ongoing global turbulence.
Jaishankar in Moscow
External Affairs Minister S. Jaishankar is currently on a three-day official visit to Moscow, at the invitation of Russian Deputy Prime Minister Denis Manturov.
During his trip, Jaishankar is expect to hold talks with Manturov and Russian Foreign Minister Sergey Lavrov. He will also co-chair the 26th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
In addition, he will speak at the India-Russia Business Forum in Moscow. His meeting with Lavrov will focus on reviewing bilateral ties, discussing regional and global developments, and finding ways to strengthen the India-Russia special strategic partnership.