India and Russia discussed bilateral trade and economic cooperation, including the deficit in bilateral trade, during a virtual meeting on Monday between Indian foreign affairs minister S. Jaishankar and Russian deputy prime minister Denis Manturov.
“The two sides agreed to work together to unlock the full potential of India-Russia bilateral trade and economic relations, including addressing the trade deficit and market access issues,” The Foreign Affairs Ministry issued a statement.
Since their meeting in Moscow in November 2022, Jaishankar and Manturov have reviewed the progress made in the various Working Group and Sub-Group Meetings held within the IRIGC-TEC framework. They have also provided advice on how to set the stage for the upcoming in-person meeting, which will take place in New Delhi at mutually agreeable times.
Russia has become India’s top oil supplier since New Delhi started purchasing discounted Russian petroleum due to Western sanctions imposed on Moscow due to the conflict in Ukraine.
Russian representative Denis Alipov stated last month that Russian oil exports to India increased 36 times, and commerce with India reached a record $30 billion in 2022.
Russia will also provide India with armaments and be a significant energy provider. India is not a part of the sanctions the West has placed on Russia. It has proven its independence from other countries by doing so.
India serves as a critical market for oil and weapons for Russia. Compared to the long-standing connections between India and Russia, the security partnership between India and the United States is relatively new. India has no justification for abandoning the advantages of this alliance and Russia.