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Russia’s Putin to meet Indian PM Modi to boost trade ties | International Trade News

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The Russian president and Indian prime minister will meet in Uzbekistan on Friday to discuss trade and fertilizer sales, the Kremlin said.

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi will meet in Uzbekistan on Friday, the Kremlin said. The two countries aim to strengthen their energy and trade ties.

“There are plans to discuss the issue of ‘saturation’ of the Indian market with Russian fertilizers and bilateral food supplies,” he said on Tuesday, referring to the agenda of a meeting to be held alongside the Shanghai Cooperation Organization (SCO) summit. did. ), a regional security block.

“First and foremost, moves aimed at facilitating bilateral trade flows will be considered. Trade turnover in the first half of 2022 reached $11.5 billion, an increase of almost 120% year-on-year,” it said. said the Kremlin.

According to the Indian Ministry of Commerce website, India’s fertilizer imports from Russia totaled $773.54 million for the entire last financial year to 31 March 2022, compared with $773.54 million for April to July. increased to $1.03 billion.

India is seeking a three-year fertilizer import contract with Russia.

An attempt to sign a long-term fertilizer import contract earlier this year was hit by a difficult geopolitical situation after Russia launched what it called a “special military operation” in Ukraine on February 24.

Modi has sought greater energy cooperation with Russia despite pressure from the West to cut ties with Russia following its aggression in Ukraine.

“India wants to strengthen its partnership with Russia on the Arctic issue. said to be sexual.

Putin will also meet with Chinese President Xi Jinping between summits in Uzbekistan’s ancient Silk Road city of Samarkand.
India and China are major buyers of Russia’s energy, helping to shield Moscow from the impact of Western sanctions and allowing the two Asian economies to secure raw materials at discounted prices compared to supplies from other countries. I am making it possible.

The two Asian countries have not publicly criticized Moscow’s actions in Ukraine, despite protests by Western countries.

India, which has rarely purchased Russian oil, has emerged as Moscow’s second largest oil customer after China.

Refiners in India, the world’s third-largest oil importer and consumer, are buying cheap Russian crude that has been shunned by some Western countries and companies.

The seven major powers are planning to cap Russia’s oil prices from Dec. 5 in order to lower the price of oil Russia receives without reducing oil exports to world markets.

So far, India and China have not announced whether they will join the price cap system.

Oil Minister Haddeep Singh Puri said last week that India would look into the matter when the details became clear. He also said there has been a lot of conversation and proposals going on, and that he would “see who will participate” in the price cap mechanism.

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