NEW DELHI (Reuters) – India’s rise in trade with Russia should not be seen as a “temporary phenomenon” as more economic opportunities are emerging, India’s foreign minister said on Friday.
India and Russia have a close relationship stretching back decades, and New Delhi has refused to condemn Moscow over its February 2022 invasion of Ukraine, urging the two sides to end the conflict through dialogue and diplomacy.
New Delhi has emerged as one of the top buyers of Russian sea-borne oil since Western nations imposed sanctions and halted purchases in response to the war, which Russia calls a “special military operation”.
“For long, we have looked at Russia from a political or security perspective,” Foreign Minister S. Jaishankar said at an industry conference.
“As that country turns eastwards, fresh economic opportunities are presenting themselves … the spike in our trade and new areas of cooperation should not be regarded as a temporary phenomenon.”
Trade between India and Russia stood at $65.7 billion in the financial year ending March 2024, a 33% jump over previous year.
New Delhi is seeking to make progress on an investment treaty with Russia as well as signing a free trade agreement with the Moscow-led Eurasian Economic Union. The two nations are also holding talks on jointly producing military equipment.
(Reporting by Shivam Patel in New Delhi; Editing by Christian Schmollinger and Kim Coghill)
