Finance Minister Nirmala Sitharaman's trip to Russia has been cancelled, according to reports. The proposed visit would demonstrate the BRICS group's ongoing financial cooperation in the face of member countries' increasing economic participation.
Sitharaman, who was supposed to take a trip to Russia to attend high-level meetings, such as those of the BRICS Bank and the New Development Bank (NDB), has had her trip cancelled because of important parliamentary work in India and urgent home obligations. This covers the impending parliamentary emphasis on the Women's Reservation Bill and related preparations, the reports cited sources as saying.
A crucial BRICS organisation, the New Development Bank, is still committed to building infrastructure and enhancing multilateral cooperation among emerging economies.
In the meantime, Russian Foreign Minister Sergey Lavrov has reassured India that it will continue to receive Russian energy supplies in spite of what he called "unfair external competition," emphasising that the relationship between Russia and India is based on strong friendship and is unbreakable.
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Before his trip to New Delhi, Lavrov lauded Prime Minister Narendra Modi in an interview with RT India, describing him as one of the world's most dynamic leaders.
According to Lavrov, Russia would make sure that India's interests related to Russian energy supplies are completely safeguarded and that current agreements won't be impacted by outside pressure. Moscow has continuously fulfilled its energy obligations to India and other partners, he continued.
Lavrov highlighted bilateral energy cooperation by describing the Kudankulam Nuclear Power Plant as a showpiece project between Russia and India that greatly contributes to India's energy needs. He stated that while Russia continues to be a significant supplier of coal, oil, and gas to India, cooperation on more nuclear power plants is ongoing.
Construction on the plant, which was created in Tamil Nadu with Russian technical help, started in 2002, and since 2016, its first 1,000 MW unit has been running at full planned capacity. The project is anticipated to be completely operational by 2027, according to reports in the Russian media.
Lavrov said that Modi's leadership is concentrated on bolstering India's sovereignty in a number of areas, including national development, the economy, defence, and culture. He emphasised the extraordinary depth and stability of India-Russian relations and stated that there is "no scenario" in which the two nations' trajectories may diverge.
He stated that despite efforts by some governments to erode bilateral ties through geopolitical pressure, cooperation between the two countries is still strong in areas including energy, defence, nuclear cooperation, trade, culture, and diplomacy.
Lavrov is anticipated to meet with S Jaishankar and attend the BRICS Foreign Ministers' Meeting while in India. The United Nations, BRICS, and G20 cooperation, as well as regional and global issues, especially the Middle East situation, will be discussed, according to the Russian Foreign Ministry.
Meanwhile, the US has not yet confirmed whether it will extend the waiver that allows countries, including India, to keep buying certain barrels after May 16. According to sources familiar with Indian refiners—who requested anonymity due to the sensitivity—if the waiver is not extended, Indian processors may need to buy alternative, more expensive spot barrels from other sources.
ALSO READ: India Grabs Russian Oil Before Waiver Expiry As Market Tightens
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