'Purely economic calculation': Putin defends India's purchase of Russian oil
What's the story
Russian President Vladimir Putin has criticized the United States for trying to pressure India into stopping its trade of Russian crude oil. He said that New Delhi would never allow itself to be humiliated. Speaking at the Valdai Discussion Club in Sochi, Putin praised Prime Minister Narendra Modi as a "balanced and wise leader," highlighting the "special" relationship between Moscow and New Delhi.
Economic implications
Putin warns of losses in case of Russian oil import
Putin explained that India's import of Russian crude oil is "purely an economic calculation." He said if India stops importing Russian energy supplies, it would incur losses estimated at around $9-10 billion. "But if it doesn't refuse, sanctions will be imposed, and the loss will be the same. So why refuse if it also carries domestic political costs?" Putin asked.
Sovereignty and tariffs
Putin hits back at Biden's remarks on India-China
Putin said the losses India faces due to punitive US tariffs would be balanced by crude imports from Russia. He added that this would also enhance India's prestige as a sovereign nation. "Of course, the people of a country like India, believe me, will closely monitor the decisions made by the political leadership and will never allow any humiliation in front of anyone. And then, I know Prime Minister Modi; he himself would never take any steps of this kind."
Bilateral relations
Russia to buy more agricultural products, medicines from India
Putin highlighted the "special" nature of Russia-India relations dating back to the Soviet era. He also acknowledged the trade imbalance between New Delhi and Moscow. To address this, he suggested that Russia could buy more agricultural products and medicines from India. "Certain steps can be undertaken from our side for medicinal products, pharmaceuticals... We need to solve a whole range of tasks to unlock our opportunities and potential advantages," he said.
Future prospects
Russia-India political relations almost always coordinated, says Putin
The Russian leader also noted that the declaration of a special strategic privileged partnership between Russia and India will soon celebrate its 15th anniversary, declaring, "That's what it really is." His comments came after US President Donald Trump had criticized China and India for continuing to buy Russian oil, implying they were indirectly funding the Ukraine war.