Russia Strengthens Energy, Trade Ties with India
(MENAFN) Russia has reaffirmed its strong trade relationship with India, with Deputy Prime Minister Denis Manturov stating that the country “confidently” holds a position among India's top four commercial allies.
During a bilateral intergovernmental commission held on Wednesday, Manturov emphasized Russia's continued supply of vital energy resources to India.
He chaired the meeting alongside Indian Minister of External Affairs S. Jaishankar.
The meeting occurred at a time when tensions are rising between India and several Western nations, who have been urging New Delhi to cease its energy transactions with Russia.
Held in Moscow, the roundtable drew numerous business representatives from both sides, highlighting the significance of economic collaboration between the two countries.
Manturov specifically emphasized energy as a cornerstone of bilateral cooperation. “I would especially like to highlight our cooperation in the energy field. We continue fuel shipments, including crude oil and petroleum products, as well as energy and coking coal. We see potential for exporting Russian LNG,” he stated.
His remarks come amid international scrutiny of India’s ongoing oil purchases from Russia.
Earlier in August, the President of the United States implemented an additional 25% “punitive” tariff on Indian goods, scheduled to take effect on August 27, in response to India’s sustained oil imports from Russia.
India responded by calling the move “unfair, unjustified, and unreasonable,” vowing to uphold its sovereign economic priorities.
In addition to an increase in trade volume, Manturov pointed out a diversification in the variety of goods exchanged.
“In addition to the traditional and stable supply of energy resources to India, Russian exports now include mineral fertilizers, metallurgical and forestry products, diamonds, power equipment, and foodstuffs,” he explained.
He also acknowledged that India has widened its own range of exports to Russia, reinforcing the mutual benefits of the partnership.
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