In a significant gesture ahead of his upcoming December visit to India, Russian President Vladimir Putin has instructed his government to take concrete steps to address the growing trade imbalance between Russia and India—largely driven by India’s heavy crude oil imports from Russia.
Speaking at the Valdai Discussion Club, a high-level global platform for dialogue on security and geopolitics, Putin proposed increasing Russia’s import of Indian agricultural products and medicines as part of a broader initiative to promote balanced, sustainable trade between the two long-standing allies.
“More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” he said.
Putin’s remarks were made at the Black Sea resort city of Sochi, where the forum was attended by experts from over 140 countries, including India. This announcement is seen as part of broader diplomatic preparations for the upcoming Russia-India Annual Summit with Indian Prime Minister Narendra Modi.
A Clear Message to the Global Community
The Russian president also made a pointed reference to punitive tariffs imposed by the United States on Indian imports, which have reportedly impacted India’s economic standing. He emphasized that India’s decision to continue oil imports from Russia—despite U.S. pressure—demonstrated New Delhi’s commitment to sovereignty and strategic autonomy.
“The losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation,” he said.
Strengthening Historical Ties
Highlighting the unique bond between Russia and India, Putin recalled the historic support extended by the Soviet Union during India’s struggle for independence, a gesture still remembered and respected by many Indians today.
“In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it,” he said.
He also warmly described Prime Minister Modi as a “balanced, wise, and nationally oriented” leader, expressing confidence in their mutual understanding and trust.
Unlocking Untapped Economic Potential
Despite a reported USD 63 billion trade turnover, Putin acknowledged that trade between the two nations does not yet reflect the full scope of their economic potential—especially when compared to trade volumes with smaller nations like Belarus.
“The population is 1.5 billion in India and 10 million in Belarus. It obviously does not correspond to our potential opportunities,” he observed.
He noted key issues such as financing, logistics, and payment systems as areas needing urgent attention. In this regard, he has directed the Russian government to develop proposals for deeper economic collaboration with India.
Eyeing the Future: Technology and AI
Putin also welcomed a proposal from Dr. Arvind Gupta, Director General of the Vivekananda International Foundation, on establishing a joint fund to develop Artificial Intelligence (AI) and other advanced technologies, suggesting that innovation could be a new frontier for Indo-Russian collaboration.
