In a high-stakes meeting in Moscow, India’s Minister of External Affairs Subrahmanyam Jaishankar and Russian Foreign Minister Sergei Lavrov agreed to deepen trade ties, underscoring their long-standing partnership since World War II.
The duo touched on energy cooperation, with Lavrov highlighting joint hydrocarbon projects in the Russian Far East and on the Arctic shelf. India remains one of the largest buyers of Russian oil, a move that has drawn hefty U.S. tariffs of up to 50% on Indian goods, levied in response to New Delhi’s rising imports.
Western nations argue that buying Russian crude helps fund Moscow’s war in Ukraine. India counters that its purchases are commercial transactions and calls out double standards, noting that the U.S. and the European Union continue significant trade with Russia.
"We have good results in cooperation in the hydrocarbon sector," Lavrov said. "We have a mutual interest in implementing joint projects for the extraction of energy resources."
Jaishankar reminded observers of the "steadiness" of India–Russia relations, tracing it back to Soviet times. Both ministers set their sights on expanding bilateral trade by cutting non-tariff barriers and addressing regulatory hurdles.
Potential growth sectors include pharmaceuticals, agriculture and textiles—areas where boosting Indian exports to Russia could help rebalance trade. Meanwhile, Russia’s embassy in New Delhi reaffirmed its commitment to continue supplying oil despite U.S. pressure.
As geopolitical tensions ripple across global markets, India and Russia are doubling down on economic cooperation, signaling resilience in an era of shifting alliances.
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India, Russia agree to boost trade ties after FMs meet in Moscow
cgtn.com
