India and Russia Strengthen Ties and Boost Trade

In a meeting in Moscow on Thursday, India and Russia agreed to strengthen their trade relations, showing little sign that hefty tariffs imposed by US President Donald Trump on India for buying Russian oil would disrupt their partnership. Due to New Delhi’s increased purchases of Russian oil, Indian goods face additional US tariffs of up to 50%, among the highest imposed by Washington. Western nations, which are boycotting Russian crude, claim that India’s purchases are helping to finance Moscow’s war in Ukraine. However, New Delhi maintains that its acquisitions are purely commercial and accuses the U.S. and the European Union of hypocrisy, noting that they continue to conduct significant trade with Moscow themselves. “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 for the extraction of energy resources, including in the Russian Federation — in the Far East and on the Arctic shelf,” said Russian Foreign Minister Sergei Lavrov during a joint news conference with Indian Foreign Minister Subrahmanyam Jaishankar. Jaishankar commented that the relationship between the two countries has been one of the steadiest among major nations since World War Two, referring to a close friendship that dates back to the days of the Soviet Union. According to a statement from India’s foreign ministry, Jaishankar also affirmed that both countries intend to expand bilateral trade, including by increasing India’s exports to Russia. “This (trade expansion) requires swiftly addressing non-tariff barriers and regulatory impediments,” Jaishankar stated. “Enhancing Indian exports to Russia in sectors like pharmaceuticals, agriculture and textiles will certainly help to correct the current imbalance.” After the West imposed sanctions on Moscow over its conflict in Ukraine, Russia was able to redirect its oil exports, a major source of state revenue, away from Europe and primarily towards China and India. India and China are the biggest purchasers of Russia’s oil. On Wednesday, officials from the Russian embassy in New Delhi stated that Russia expects to continue supplying oil to India despite pressure from the United States, adding that Moscow hopes trilateral talks with India and China will soon take place.