Russia Open To More Indian Imports If Trade With US Dips: Envoy
The two countries aim to take their trade to $100 billion by 2030, including the use of national currencies to circumvent Western sanctions on Moscow.
Russia wants to increase bilateral trade with India and is willing to purchase more goods if those are diverted due to US tariff policies, a senior diplomat said.
"If Indian goods are facing difficulties entering the US market, the Russian market is welcoming Indian exports," Roman Babushkin, Chargé d'Affairs of the Russian Embassy in India, told reporters in New Delhi on Wednesday.
The two countries aim to take their trade to $100 billion by 2030, including the use of national currencies to circumvent Western sanctions on Moscow. The rupee-rouble trade has faced difficulties due to India's large trade deficit with Russia.
Rupee-denominated trade will be among one of the topics for discussion when a high-level Indian delegation visits Russia this week, Bloomberg News reported. President Vladimir Putin is due to visit New Delhi later this year.
The Russian diplomat slammed Western countries for targeting India on oil purchases from the country, calling their actions "neocolonial" and "unjustified.
"Hypothetically, if India refuses Russian oil, it will not lead to equal cooperation with the West in general. They behave like neocolonial powers that think of their own benefit. This pressure is unjustified and unilateral," he said.
The US has imposed a 25% tariff on India that will take effect on Aug. 27 for buying Russian oil and fueling the Ukraine war. European countries have also criticised New Delhi for not halting energy deals with Moscow while the war in Ukraine drags on.
India has rejected such accusations and said it will buy oil from the most economical source. "We are capable of finding any solution for mutual satisfaction. The deepening of our partnership will help us grow together," said Babushkin, highlighting the recent phone call between President Putin and PM Modi amid the tariffs and the war in Ukraine.
Russia sells oil to India at about a 5% discount, leaving Asia’s third-largest economy with few alternatives, Evgeny Griva, the deputy trade representative of Russia in India, said.
India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in February, 2022. Consequently, from a mere 1.7% share in total oil imports in 2019-20, Russia's share increased to 35% in 2024-25, and it is now the biggest oil supplier to India.
