Defense Deals, Small Nuclear Reactors on India-Russia Table
Trade Deficit, New Payment Systems Top Putin-Modi Agenda
Moscow: Russian President Vladimir Putin on Tuesday said he will discuss expanding Indian imports during his upcoming visit to New Delhi, adding that Moscow intends to continue deepening economic engagement with its key partners, including India and China.
Speaking at the VTB Investment Forum, Putin said, “I and Prime Minister Modi will discuss Indian imports during the upcoming visit,” noting that bilateral trade volumes with both India and China have risen sharply over the past three years.
Putin used his address to launch a fresh attack on Western governments, accusing European states of abandoning diplomacy. “If Europe wants to fight war, we are ready now,” he said. “Europeans do not have a peaceful agenda, they are on the side of war.”
The Russian President said the world was experiencing “high turbulence” caused by countries that “use their monopoly position” to exert pressure on others. He asserted that Western states “want to eradicate all competition” but added, “They are failing — and will continue failing.”
Putin reiterated that Russia would pursue an independent economic course aligned with its national priorities. “We will continue to pursue a sovereign economic policy, acting with our national interests in mind,” he said.
Ahead of Putin’s visit, Kremlin spokesperson Dmitry Peskov said Russia is ready to address India’s concerns over the widening trade deficit and will seek to create an “architecture” that shields bilateral commerce from pressure by third countries. He said New Delhi’s procurement of Russian crude may dip briefly because of Western sanctions, but Moscow was taking steps to maintain supply volumes.
“There are sanctions against the Russian oil production sector, but we are finding ways not to let the volume of trade go down,” Peskov said, adding that Russia had “deep experience” in operating under what it considers “illegal sanctions.”
He stressed that Moscow wants a mechanism that protects India–Russia trade from external interference. “We should create an architecture of our relationship that must be free of any influence coming from any third country. We have to secure our trade from pressure from abroad,” he said.
Peskov indicated that settlement mechanisms in national currencies, bypassing the dollar-denominated system, may feature in discussions between Putin and PM Modi. “We understand the pressure on India,” he said, referring to the US.
He acknowledged India’s long-standing concerns over the massive trade imbalance. “We are aware of that. We are selling much more than we buy from India. We want to buy more from India,” he said. India currently imports goods and services worth around USD 65 billion from Russia, while Russian imports from India stand near USD 5 billion.
The spokesperson said cooperation in defence, including joint production of BrahMos missiles, may see further expansion. Discussions may also cover Su-57 fighter jets, additional S-400 air defence systems, and collaboration on small modular nuclear reactors. “Russia has experience in producing these small reactors and is ready to supply the technology,” he said.
On India–China relations, Peskov said Moscow respected the bilateral equation and hoped both nations could resolve their issues “to keep global stability and peace.” He added that Russia seeks a relationship with India “as deep” as its declared “limitless” friendship with China. “We are ready to go as far as India is ready,” he said.
Peskov also welcomed recent US-led mediation efforts on the Ukraine conflict and said Russia remained open to peaceful negotiation. “We appreciate India’s position and the readiness of Prime Minister Modi to look for a peaceful solution,” he said.
He added that Russia was willing to work closely with India “to combat terrorism” and said Moscow would continue to expand ties with Afghanistan.
On the broader partnership, Peskov said Russia is “proud to stand shoulder-to-shoulder with India” during its phase of significant growth.
