Tuesday, 02 January 2024 12:17 GMT

Putin To Visit India In Bid To Boost Oil Exports And Defence Sales


(MENAFN- Khaama Press) Russian President Vladimir Putin will travel to India next week, aiming to strengthen oil exports and revive defence cooperation strained by sanctions and geopolitical pressure.

Russia's President Vladimir Putin will travel to New Delhi on a two-day visit beginning December 4, as Moscow seeks to reinforce strategic ties with India and revive defence and energy trade strained by Western sanctions and geopolitical pressure.

According to earlier reporting by Reuters on Tuesday, December 2, the Kremlin views the visit as an opportunity to increase exports of crude oil, missile systems and Russian-produced fighter jets, while restoring momentum in a long-standing defence partnership affected by U.S. pressure on New Delhi.

Russia has supplied weapons to India for decades, and the invasion of Ukraine in February 2022 did little to weaken the economic relationship. Despite sanctions, India became the largest buyer of Russian seaborne crude, offering Moscow a crucial economic outlet after European markets closed.

However, India's imports of Russian oil have fallen to their lowest level in three years this month, as sanctions tightened and New Delhi boosted purchases of U.S. oil and gas. Analysts say the shift reflects both market constraints and India's efforts to balance relations with multiple global powers.

Reuters reported that Indian officials remain cautious about announcing major new military or energy deals during Putin's visit, fearing that deeper cooperation could provoke a strong response from U.S. President Donald Trump, whose administration has signalled a tougher line toward Russian-aligned states.

Ahead of the visit, senior officials from both countries met to discuss defence collaboration, shipping corridors, agricultural trade and long-term strategic planning. In August, Moscow and New Delhi agreed to begin negotiations on a potential free-trade agreement between India and the Russian-led Eurasian Economic Union.

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Khaama Press

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