Putin Looks Forward To India Visit, Calls For Easing Trade Imbalance

Russian President Vladimir Putin on Thursday expressed eagerness for his forthcoming visit to India in early December and has directed his government to explore measures to address the growing trade imbalance with New Delhi, largely driven by India’s substantial imports of Russian crude oil.

Putin made the remarks while addressing the Valdai Discussion Club, a prominent international forum of security and geopolitical experts from over 140 countries, including India. He also underscored the enduring strength of Russia-India relations. The event took place Thursday evening in the Black Sea resort town of Sochi in southern Russia.

“In all our shared history, Russia and India have never experienced any problems or interstate tensions,” Putin said, emphasising that both countries have consistently acted with mutual sensitivity.

He described the ties between the two nations as “special,” tracing their roots back to the Soviet era, when India was still fighting for its independence. “India remembers this, acknowledges it, and values it. We appreciate that India hasn’t forgotten,” Putin said.

The Russian leader spoke warmly of Prime Minister Narendra Modi, referring to him as a friend and highlighting the mutual trust in their personal interactions. He praised India’s leadership under Modi, calling him a “balanced, wise” and “nationally oriented” figure.

Putin also commended India's firm stance on continuing oil imports from Russia despite Western pressure, particularly from the United States. “Everyone in India understands this well,” he remarked, noting that India’s refusal to yield to U.S. sanctions not only helped offset potential losses from American tariffs but also elevated its image as a sovereign nation.

In response to the trade imbalance, exacerbated by India's large-scale crude purchases, Putin said Russia is considering increasing imports of Indian agricultural products and pharmaceuticals. “We can purchase more agricultural goods and also take specific steps with regard to medicines and pharmaceutical products,” he suggested.

He acknowledged that while there is significant potential for economic cooperation between the two countries, certain challenges must be addressed to fully tap into these opportunities. Among the hurdles he cited were financing, logistics, and payment mechanisms.

Putin also highlighted the upcoming 15th anniversary of the Russia-India "special and privileged strategic partnership,” reaffirming that the two countries maintain close coordination in political and diplomatic arenas. “We always consider each other’s positions on key issues. Our foreign ministries work very closely,” he noted.

During the forum, Putin also expressed support for a proposal by Dr. Arvind Gupta, Director General of New Delhi’s Vivekananda International Foundation, to establish a joint fund for developing artificial intelligence and other advanced technologies.

With PTI inputs