Russian President Vladimir Putin has called on his government to address the growing trade imbalance with India, citing the significant rise in Indian imports of Russian crude oil. His remarks came during a high-level dialogue with global experts at the Valdai Discussion Forum in Sochi, where he emphasized the long-standing and stable relationship between Moscow and New Delhi.
Putin expressed strong optimism ahead of his planned visit to India in December and underlined that relations between the two countries have always been marked by mutual respect and understanding. “We’ve never had any disputes or strains with India — not in the past, not now,” he said, recalling the close diplomatic and cultural ties since the Soviet era.
Calling Indian Prime Minister Narendra Modi a friend and a leader with a strong sense of national interest, Putin praised India’s stance on maintaining its energy ties with Russia despite international pressure. He said India’s decision to continue purchasing Russian oil was not only economically sound but also a reflection of its sovereign policy-making.
Addressing the trade gap, Vladimir Putin acknowledged that Russia’s exports — mainly crude oil — have surged, while imports from India remain limited. He proposed that Moscow increase the purchase of Indian agricultural produce and pharmaceutical goods to help balance the scales. “We’re looking at steps to boost imports from India, particularly in agriculture and medicine,” he said.
While recognizing the enormous potential in economic cooperation, Putin pointed to structural challenges that need to be resolved — including financing, logistics, and transaction mechanisms. “We must work through these practical hurdles if we are to unlock the full potential of our partnership,” he added.
Putin also reaffirmed the strategic nature of Russia-India relations, noting that the two countries are approaching 15 years since declaring their Special Strategic Privileged Partnership. He said both governments regularly align their positions on global matters and maintain strong coordination between their foreign ministries.
In a forward-looking note, Putin welcomed a proposal for a joint fund to explore artificial intelligence and other emerging technologies. The idea was suggested by Dr. Arvind Gupta, a delegate from India attending the Sochi forum.
Putin’s comments underscore Russia’s efforts to deepen ties with India not just through energy cooperation, but through broader economic and technological engagement — with a clear focus on maintaining a balanced and enduring partnership.
