India and Russia have agreed to explore opportunities for expanding the export of Russian energy, including oil and coal, to the Indian market. The decision was reached during a meeting between External Affairs Minister S Jaishankar and his Russian counterpart Sergey Lavrov. The discussions encompassed a wide range of bilateral relations, with a particular focus on energy and military-tech cooperation.
Despite global pressure following Russia’s invasion of Ukraine, India has increased its purchases of Russian energy and commodities. The two nations have maintained a strong trade relationship, with India refraining from publicly criticizing Russia’s actions in Ukraine.
Energy cooperation emerged as a strategic area in the bilateral relationship, with Lavrov stating, “We agreed on the expansion of the exports of Russian hydrocarbons to the Indian market as well as the cooperation in the peaceful use of nuclear energy.” Jaishankar highlighted the significance of Russian supplies of energy, coking coal, and fertilizers in bilateral trade and emphasized discussions on establishing long-term arrangements for these commodities.
India has a substantial energy relationship with Russia, including investments in Russian oil and gas, which both countries aim to expand. The two sides also signed amendments related to the Kudankulam nuclear power project, reflecting their commitment to cooperation in nuclear energy.
The discussions covered prospects for collaboration in piloted space programs, rocket engines, satellite navigation systems, and military hardware. More than 60% of India’s armed forces equipment and weapons systems are of Russian origin, although India has been diversifying its sources in recent years.
The Ukraine conflict, along with situations in Gaza, Afghanistan, and the Indo-Pacific, was also part of the meeting’s agenda. Lavrov acknowledged India’s responsible approach to global issues, reflecting its national interests. The two nations affirmed their shared interest in Eurasia and explored ways to enhance trade, connectivity, and cooperation in various multilateral forums.
Responding to questions about the Western perception of India’s relationship with Russia, Jaishankar emphasized the value and importance of the strategic partnership, stressing the mutual benefits both nations have derived from the relationship.
Jaishankar’s visit to Russia, spanning five days, gained significance as the annual leaders’ summit could not take place for the second consecutive year. Despite challenges, the ministers expressed confidence in holding an annual summit next year. The External Affairs Minister also reiterated India’s concerns about the trade imbalance with Russia and emphasized the need for balanced and sustainable trade.
The visit underscores the enduring strategic nature of the India-Russia relationship and their commitment to exploring new avenues of cooperation amid evolving geopolitical dynamics.
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