Russian President Vladimir Putin showered praise on Prime Minister Narendra Modi, reaffirming ties with India, amid the ongoing tensions with the US. India was charged with 50 percent tariffs by the Donald Trump administration, half of which was slapped for its oil trade with Russia.
Donald Trump's trade move was a tactic to build pressure on New Delhi and Moscow to stop the latter's military conflict with Ukraine. As trade negotiations between India and the US continue, Putin expressed that PM Modi would never give in to the tariff pressure.
While addressing the International Valdai discussion forum in South Russia, he stated that it is a lose-lose situation for India either way, whether or not it purchases Russian energy. Putin explained that putting an end to the oil trade with Russia can cost India an estimated loss of $9-10 billion, and if it refuses to do so will only trigger sanctions, causing similar losses.
He said, "So why refuse if it also carries domestic political costs? (Indians) will never allow themselves to be humiliated by anyone. I know Prime Minister Modi, he will also not make such decisions."
Adding, "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."
While highlighting the importance of the India-Russia ties, Putin said, "People in India do not forget about this and our relations, I believe. Some 15 years ago, we made an announcement about a privileged strategic partnership, and that is the best description. Prime Minister Modi is a very wise leader who thinks first about his country."
Putin also stated that measures were being devised to soften the trade imbalance between India and Russia over high imports of crude by India. He said, "More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products and pharmaceuticals."
He, however, pointed out some logistical issues that might pose a problem in fully expanding the trade cooperation between the two countries.
Reiterating the strong ties of New Delhi and Moscow, he said, "In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it."
