Speaking at a joint press conference after talks with Indian Prime Minister Narendra Modi in New Delhi today, Russian President Vladimir Putin declared Russia a reliable supplier of oil, gas, coal, and all essentials for India's energy sector development.

The Kremlin leader added, "We are ready to continue the uninterrupted supply of essential fuels for India's fast-growing economy."

Prime Minister Modi referred to President Putin as "my friend", commending the long-standing relationship between New Delhi and Moscow as a "guiding star" built on mutual respect and trust. He emphasized that "energy security has become a strong and important pillar in India-Russia relations", highlighting cooperation in nuclear energy, though not directly mentioning oil.

Russian President Vladimir Putin at a joint press conference with Indian Prime Minister Narendra Modi in New Delhi on 5/12. Photo: AP

India has significantly increased its purchases of Russian oil since the conflict in Ukraine began in February 2022. This made India a crucial market for Moscow, especially as European nations aimed to reduce their reliance on Russian supplies.

In 2024, Russian oil constituted nearly 36% of India's total crude imports, amounting to approximately 1.8 million barrels per day. Recently, however, India has scaled back these purchases. This reduction follows growing pressure from US President Donald Trump, who has imposed punitive tariffs on Indian goods, citing New Delhi's acquisition of discounted crude from Moscow.

After Russian and Indian officials signed cooperation agreements covering employment, health, shipping, and chemicals, Prime Minister Modi stated, "We have agreed on an economic cooperation program extending until 2030." He added, "The program will help expand, balance, and sustainably develop trade and investment between our two countries."

Trade turnover between India and Russia for the 2024-2025 period reached 68.7 billion USD, an almost 6-fold increase compared to pre-Covid-19 levels. However, New Delhi's exports accounted for only 4.88 billion USD of this total.

Russian President Vladimir Putin (left) and Indian Prime Minister Narendra Modi at a joint press conference in New Delhi on 5/12. Photo: AFP

The two leaders also agreed to restructure defense relations. This aligns with New Delhi's self-reliance objectives, fostering joint research, development, and production of modern military equipment.

President Putin stated he had provided Prime Minister Modi with "many details regarding developments in Ukraine", alongside Moscow's ongoing efforts, "together with several partners, including the US, to seek a peaceful solution."

Modi reiterated India's consistent stance in favor of peace concerning Ukraine.

Nhu Tam (According to AFP, Reuters)