Russia supports Indian economic development
Date
5/15/2024 6:13:43 AM
(MENAFN) In a speech delivered in Mumbai, India's Foreign Minister Subrahmanyam Jaishankar emphasized the critical role of Russian natural resources in India's economic growth, despite facing scrutiny over its trade relationship with Moscow since the onset of the Ukraine conflict.
Jaishankar addressed the ongoing debate surrounding India's purchases of Russian crude oil, highlighting the nation's steadfast stance despite external pressure to reconsider its trade ties with Russia. The Foreign Minister underscored India's commitment to maintaining its position amidst attempts to dissuade the country from engaging with Moscow.
Since the outbreak of hostilities between Russia and Ukraine, India has been subjected to scrutiny from Western nations, who have raised concerns that India's trade with Russia could undermine international sanctions imposed on Moscow. However, Jaishankar reiterated India's longstanding relationship with Russia, emphasizing the pragmatic necessity of maintaining ties with the Eurasian nation.
Jaishankar emphasized the significant role that Russia plays as a provider of natural resources to India, noting the substantial increase in bilateral trade between the two countries in recent years. He highlighted the exponential growth in trade volume, particularly driven by Indian oil imports from Russia, which have surged to unprecedented levels.
Reports indicate that Indian refiners imported a record-high volume of Russian crude oil in April, further solidifying Russia's position as a crucial partner in India's energy security strategy.
Overall, Jaishankar's remarks underscore India's unwavering commitment to its strategic partnership with Russia, despite external pressures and scrutiny from the international community.
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