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Putin, Vladimir

India and Russia Strengthen Energy Ties Amid Global Tensions

Strategic Insights

— 1 min read

Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organisation security forum summit in Tianjin, China, where they reiterated their countries' commitment to strengthening energy ties. Modi hailed India's cooperation with Russia as "important not just to our two countries but for global peace, stability, and prosperity." The meeting comes as the US has imposed punitive tariffs on India over its purchases of cheap Russian oil. Despite the tariffs, India has become Moscow's largest buyer of seaborne crude oil, importing nearly $140bn worth since Russia's invasion of Ukraine.

Key Takeaways:

  • India has become Moscow's largest buyer of seaborne crude oil, importing nearly $140bn worth since Russia's invasion of Ukraine.
  • The US has imposed punitive tariffs on India over its purchases of cheap Russian oil, doubling tariffs on most Indian imports to 50 percent.
  • Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organisation security forum summit in Tianjin, China, to discuss strengthening energy ties.
  • Modi and Putin have spoken twice by phone since Trump first threatened India with a 50 percent tariff last month.
  • S Jaishankar, Indian foreign minister, and Ajit Doval, national security adviser, have met Putin in Moscow, while the Russian president is expected to visit India this year.
  • Amit Bhandari, a senior fellow for energy at Gateway House, a Mumbai-based think-tank, stated that "it is clear that for India, Russian oil is here to stay. Russia is where the oil is."

Statistics:

  • India has imported nearly $140bn worth of seaborne crude oil from Russia since its invasion of Ukraine.
  • The US has imposed 50 percent tariffs on most Indian imports in response to India's purchases of cheap Russian oil.
  • Modi and Putin spoke twice by phone since Trump first threatened India with a 50 percent tariff last month.
  • Russia is expected to visit India this year.

Sources:

  • [Andres Schipani, Joe Leahy, and Anastasia Stognei, "India's Russia Ties Fuel US Fury", Financial Times, ,]
  • [Indian government data, ]

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