Russia Commits to Addressing Trade Deficit Concerns with India Ahead of Putin-Modi Summit

New Delhi:

Russia is fully cognizant of India's concerns regarding the substantial trade imbalance and is actively collaborating with India to resolve "the problem," according to Kremlin spokesman Dmitry Peskov's statement on Tuesday.

During a video-streamed press conference organized for Indian journalists, Peskov addressed various topics including the United States' peace initiative in Ukraine, American sanctions on Russian oil exports, and Russia's provision of defense equipment and technology to India.

Peskov advocated for establishing a new global trade framework where the payment system (currently dominated by Dollar-denominated transactions) is not utilized as a "political tool."

While this remark was aimed at the United States, Peskov commended America's recent mediation efforts to resolve the Ukraine conflict, describing them as "very effective."

"We hope it will succeed. We are ready to contribute to it," he remarked shortly before US negotiator Steve Witcoff's scheduled meeting with President Putin.

Peskov conducted this news conference as a preliminary event ahead of President Vladimir Putin's upcoming visit to New Delhi on December 4 and 5 for the annual India-Russia summit with Prime Minister Narendra Modi.