Deputy Premier states Russia still exporting crude to India
(MENAFN) Russia remains a key trade partner for India, continuing to supply critical energy resources despite mounting Western pressure, Russian Deputy Prime Minister Denis Manturov said during a bilateral intergovernmental commission on Wednesday. Manturov co-chaired the annual meeting in Moscow with Indian External Affairs Minister S. Jaishankar, attended by numerous business delegates from both nations.
Highlighting energy cooperation, Manturov confirmed that Russia continues to export crude oil, petroleum products, and coking coal to India, with potential to expand into LNG shipments. The announcement comes amid US sanctions, including a 25% punitive tariff on Indian imports of Russian oil, set to take effect on August 27. India has condemned the tariffs as “unfair, unjustified, and unreasonable” and pledged to safeguard its interests.
Manturov also noted that trade between the two countries is diversifying, now encompassing mineral fertilizers, metallurgical and forestry products, diamonds, power equipment, and foodstuffs, alongside traditional energy supplies. Jaishankar emphasized the need to fully leverage trade and investment potential, advocating a strategy of “doing more and doing differently.”
Bilateral trade reached a record $68.7 billion in the last fiscal year, with India importing $64 billion from Russia, largely energy-driven, and exporting around $5 billion. Both sides have expressed interest in addressing this trade imbalance and strengthening economic ties.
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