India-Russia bonhomie
Amid the geopolitical tussle triggered by the Ukraine war, India and Russia have recorded significant growth in bilateral trade, underlining the strength and endurance of their time-tested ties. During his first visit to Moscow after Russia launched an invasion of Ukraine in late February, External Affairs Minister S Jaishankar made it clear that India would continue to import crude oil from Russia despite western pressure. Russia became India’s top oil supplier in October, overtaking traditional vendors Saudi Arabia and Iraq, even as Jaishankar said at a joint media briefing with Russian Foreign Minister Lavrov on Tuesday that it was New Delhi’s ‘fundamental obligation’ to ensure that Indian consumers had the best possible access to the ‘most advantageous’ terms in international crude markets.
India has rightly gone all out to safeguard its interests rather than toeing the line of western powers during the ongoing energy crisis. No wonder India-Russia bonhomie has not gone down well with the US. The White House has said that the Biden administration is committed to working with India on its transition away from Russia, adding that a number of countries have learned the hard way that Moscow is not ‘a reliable source of energy or security’. India, however, is in no mood to reduce its dependence on Russian oil and fertilisers. Instead, the two countries are looking to expand economic cooperation, especially in the energy sector. The US is welcome to cement its partnership with India in various sectors, but it is well advised not to dictate terms to the latter with regard to Russia.
While setting its sights on an annual trade volume of $30 billion with Russia, India has indicated that it is not oblivious to the global headwinds. New Delhi has stated that it would be supportive of any initiative that ‘de-risks’ global economy and stabilises the world order. Being an old ally, India is justified in nudging Russia to make efforts for ending the Ukraine conflict in view of global concerns over energy and food security. Another challenge is to make Russia more receptive to exports from India so as to reduce the burgeoning trade deficit.
