Jaishankar, Lavrov Discuss Energy, Trade Imbalance, Connectivity India To Keep Buying Russian Oil

(MENAFN- KNN India) New Delhi, Aug 22 (KNN) India's External Affairs Minister S. Jaishankar and Russian Foreign Minister Sergey Lavrov held wide-ranging talks in Moscow on Thursday, with energy cooperation and trade balance emerging as central themes.

India conveyed that it would continue purchasing Russian crude as long as pricing remained competitive, despite ongoing pressure from the United States over such imports.

At a joint press conference, Lavrov said India and Russia were considering joint ventures for energy resource extraction, including projects in Russia's Far East and the Arctic shelf.

“We have good results in cooperation in the hydrocarbon sector, in the supply of Russian oil to the Indian market, and we have a mutual interest in implementing joint projects,” he stated.

Jaishankar stressed the importance of sustaining energy ties through trade and investment while acknowledging the current imbalance in bilateral trade.

Russia is India's fourth-largest trading partner, while India is Russia's second-largest.

The minister noted that Indian exports to Russia-particularly in pharmaceuticals, agriculture, and textiles-must expand to address the trade gap.

He urged Russia to remove non-tariff and regulatory barriers that hinder Indian exports.

Discussions also touched upon securing long-term fertiliser supplies and tapping opportunities for Indian skilled workers in IT, construction, and engineering to meet Russia's labour needs.

Connectivity projects featured prominently, with both sides reviewing the International North-South Transport Corridor and the Chennai–Vladivostok Eastern Maritime Corridor.

Jaishankar said these would deepen economic linkages, reduce transit times, and open access to wider Eurasian markets.

On the diplomatic front, he emphasised the need to expedite the opening of two new Indian consulates in Kazan and Yekaterinburg. Defence and military-technical cooperation also remain strong, the ministers noted.

(KNN Bureau)

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