SOCHI, OCT 3— Russian President Vladimir Putin has directed his government to prepare measures to reduce the trade imbalance with India, including plans to import more agricultural goods and pharmaceuticals. The move comes ahead of his early December visit to India for the annual summit with Prime Minister Narendra Modi.
Speaking at the Valdai Discussion Club, a global forum of security and geopolitical experts from 140 countries, Putin acknowledged the skewed trade flow between the two nations, dominated by India’s heavy imports of Russian crude oil. “More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” Putin said on Thursday at the Black Sea resort of Sochi.
He added that he has instructed Russian officials to put together specific proposals for India. “Our government has been asked to prepare ideas to share with our Indian friends and counterparts on the most promising areas of cooperation and how Russia can smoothen the imbalance in trade and other areas,” he noted, according to state-run TASS.
The Russian president linked the issue to broader global economic dynamics, saying punitive tariffs imposed by Washington on India would be offset by its oil imports from Russia. “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 remarked. He was referring to the additional 25 percent levy ordered by then U.S. President Donald Trump on India as a penalty for its Russian oil purchases, which raised the total U.S. tariff burden on New Delhi to 50 percent.
While stressing the “special” nature of the Russia-India relationship, Putin also highlighted gaps in trade potential. He noted that bilateral trade turnover stood at about USD 63 billion compared to USD 50 billion with Belarus, despite India’s population of 1.5 billion against Belarus’s 10 million. “It obviously does not correspond to our potential opportunities,” he said, adding that financing, logistics and payment systems remained key bottlenecks.
“We need to solve the whole range of tasks to unlock our opportunities and potential advantages,” Putin said. He reiterated that Moscow had “never had any problems or interstate tensions with India. Never,” emphasizing that both countries consistently consider each other’s sensitivities in decision-making.
Recalling historic ties dating back to Soviet support for India’s independence movement, Putin said, “In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it.” He also hailed Modi as a “balanced, wise and nationally oriented” leader, stressing that India’s decision to resist U.S. pressure on halting oil imports from Russia reflected the government’s sovereign stance.
Putin referred to Modi as his “friend” and said their meetings were marked by trust. He pointed to the 15th anniversary of the declaration of a “special and privileged strategic partnership” between the two countries, describing it as a relationship that “really is” both strategic and special.
On the diplomatic front, Putin underlined that Moscow and New Delhi maintain close coordination. “We always hear and take into account the positions of our countries on various key issues. Our foreign ministries work very closely together,” he added.
Putin’s remarks set the stage for his December visit, where the focus is expected to be on deepening economic cooperation while addressing longstanding hurdles in trade flows.
