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Russia's Putin seeks to boost energy, defence exports with India visit
Russia's Putin seeks to boost energy, defence exports with India visit
About this update from Sberbank
By Nidhi Verma and Shivam Patel Russian President Vladimir Putin starts a two-day visit to India from Thursday, pitching for more sales of Russian oil, missile systems and fighter jets in a bid to restore energy and defence ties hit by U.S. pressure on the South Asian nation.Russia has supplied arms to India for decades, with New Delhi emerging as its top buyer of seaborne oil despite Western sanctions after Moscow launched its invasion of Ukraine in February 2022.But India's crude imports are set to hit a three-year low this month, after the tightening of sanctions on Russia that coincide with its growing purchases of U.S. oil and gas.On his first visit in four years to the Indian capital for a summit with Prime Minister Narendra Modi, Putin will be accompanied by his defence minister, Andrei Belousov, and a wide-ranging delegation from business and industry."Putin's visit offers an opportunity for Delhi to reassert the strength of its special relationship with Moscow, despite recent developments, and make headway in new arms deals," said Michael Kugelman of the Atlantic Council think tank in Washington.New initiatives were likely to be announced, he added, even if they mostly related to low-hanging fruit in ties.THE TRUMP FACTOR But Indian officials worry that any fresh energy and defence deals with Russia could trigger a reaction from U.S. President Donald Trump, who doubled tariffs to 50% in August on Indian goods, as punishment for New Delhi's purchases of Russian crude.Ahead of Putin's visit, officials of both sides held talks in areas from defence to shipping and agriculture. In August, they agreed to launch talks for a free trade deal between India and the Russian-led Eurasian Economic Union.They are also in talks to expand their partnership in civilian nuclear energy, Indian analysts have said. Putin's delegation includes the chief executives of dominant Russian lender Sberbank RUS:SBER and state arms exporter Rosoboronexport, as well as the heads of sanctioned oil firms Rosneft and GazpromNeft (GZNPI.MM), an industry source with direct knowledge of the matter said.Ahead of the visit, Sberbank said it was interested in investing in Indian infrastructure projects making use of rupees, in which a big chunk of two-way trade is settled.India CEO Ivan Nosov said Sberbank was also extending rupee loans to Russian exporters and local units to boost Indi...