Russian President Vladimir Putin has hit out at the United States over its efforts to pressure India to stop its Russian crude trade, saying New Delhi would never bow to such demands and let itself get humiliated in front of anyone. Speaking at the plenary session of the Valdai Discussion Club in Sochi, the Russian President praised Prime Minister Narendra Modi as a “balanced and wise leader”, as he stressed that Moscow and New Delhi share a “special” relationship.
He said India’s import of Russian crude oil is “purely an economic calculation”. “There is no political aspect here… If India refuses our energy supplies, it will suffer certain losses. Estimates vary; some say it could be 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.
“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… The losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation.”
The Russian leader’s remarks come two weeks after US President Donald Trump, during his address in the United Nations General Assembly, called China and India the “primary funders” of the Ukraine war, accusing them of financing it by continuing to buy Russian oil. The US has imposed an additional 25 per cent tariff on India as a punishment for buying Russian oil, raising the total tax on Indian exports to 50 per cent in August.
Putin noted that higher tariffs on trading partners could drive up global prices and force the US Federal Reserve to keep interest rates high.
He then highlighted the “special” nature of Russia-India relations since the days of the Soviet Union, when India was fighting for its independence. “In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it… We have never had any problems or interstate tensions with India. Never,” he stressed.
He referred to Prime Minister Narendra Modi as his friend, noting that he feels comfortable in their trustworthy interactions, and called PM Modi a “balanced, wise” and “nationally oriented” leader.
Putin acknowledged the trade imbalance between New Delhi and Moscow and said that to reduce it, Russia may buy more agricultural products and medicines from India.
“More agricultural products may be purchased 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,” Putin said, identifying financing, logistics and payment bottlenecks as key concerns.
He also recalled 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.” He noted that, in their political relations, Russia and India almost always coordinate their actions.
“We always hear and take into account the positions of our countries on various key issues. Our foreign ministries work very closely together,” Putin said.