Putin Seeks to Address Russia-India Trade Imbalance Ahead of December Visit

Russian President Vladimir Putin has expressed enthusiasm about his forthcoming visit to India scheduled for early December and has instructed his government to develop strategies addressing the trade imbalance with India, which stems from New Delhi's substantial crude oil imports.

During his address at the international Valdai discussion forum in Sochi, South Russia on Thursday evening, Putin emphasized the historically tension-free relationship between Russia and India. The forum gathered security and geopolitical experts from 140 countries, including Indian representatives.

"We have never had any problems or interstate tensions with India. Never," Putin stated firmly, underscoring this point.

The Russian leader highlighted the "special" character of Russia-India relations dating back to the Soviet era, when India was struggling for independence. "In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it," he remarked.

Putin referred to Prime Minister Narendra Modi as his friend, mentioning that their interactions are characterized by comfort and trust.

Describing India's government under PM Modi, Putin used terms like "balanced, wise", and "nationally oriented" leadership, praising Modi's nationalist approach.

"Everyone in India knows this well," Putin noted, particularly regarding India's decision to continue oil imports from Russia despite American pressure to cease.

"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," Putin observed.

Addressing the trade imbalance, Putin suggested Russia could increase its purchases of agricultural products and medications from India. "More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals," he elaborated.

While acknowledging the extensive potential for economic collaboration between the two nations, Putin recognized that specific issues need resolution to fully capitalize on these opportunities.

"We need to solve the whole range of tasks to unlock our opportunities and potential advantages," Putin remarked, identifying financing mechanisms, logistical challenges, and payment systems as primary areas of concern.

Putin also mentioned that the declaration of a special strategic privileged partnership between Russia and India will soon reach its 15th anniversary, stating, "That's what it really is." He noted the close coordination between Russia and India in their political relations.

"We always hear and take into account the positions of our countries on various key issues. Our foreign ministries work very closely together," Putin emphasized.

Additionally, the Russian President welcomed Dr. Arvind Gupta's proposal for establishing a joint fund focused on artificial intelligence and other advanced technologies. Dr. Gupta, who serves as the Director General of the New Delhi-based Vivekananda International Foundation (VIF), was present at the Sochi forum.