NEW DELHI: As external affairs minister S Jaishankar visited Moscow Wednesday for bilateral talks on trade and economic issues, Russian diplomats here defended energy ties with India and expressed confidence that both countries would handle challenges arising out of the US sanctions against India that they described as unjustified and extremely unfortunate.
"It is a challenging situation for India. We enjoy trust in our partnership with India and are committed to addressing challenges in our energy ties," said Babushkin, adding Russia has a "special mechanism" to deal with any challenge on the sanction issue.
Bloomberg quoted the Russian deputy trade representative here as saying that Moscow sells oil to India at about a 5% discount.
Sanctions are hitting those who are imposing them: Babushkin
The Russian embassy later said “regarding oil import prices amid tariffs, a 5% swing is possible subject to negotiation”.
The Trump administration has imposed an additional 25% tariff on India to penalise it for oil purchase from Russia. The tariff comes into effect on Aug 27 and despite hopes of a peace agreement emerging from the Putin-Trump Alaska summit, India continues to be targeted by US officials for “profiteering” from Russian oil.
“Russia is the biggest supplier to India of crude oil and India’s demands are growing. Certainly, this is a perfect case of mutual accommodation and complementarity of our economies,” said Babushkin. Last week, US treasury secretary Scott Bessent warned that the Trump administration may increase secondary tariffs on India if it continues to procure Russian crude oil. This week, he accused Indian companies of profiteering from Russian oil trade.
“The sanctions are hitting those who are imposing them. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure,” Babushkin said, accusing the West of behaving like neo-colonial powers.
“If hypothetically speaking, India refuses to procure Russian oil, it will not lead to mutually beneficial cooperation with the West,” the Russian diplomat said, adding bilateral trade is likely to reach $100 billion by 2030.
Asked about American tariffs on Indian goods, he said the Russian market will welcome Indian exports. He also said the role of Brics as a stabilising force will increase amid the ongoing global turbulence.
In terms of GDP, the size of the economy of Brics is about USD 77 trillion while it is USD 57 trillion for Group of Seven (G7) nations, he said, arguing that the Brics is emerging as a major economic power.
"It is a challenging situation for India. We enjoy trust in our partnership with India and are committed to addressing challenges in our energy ties," said Babushkin, adding Russia has a "special mechanism" to deal with any challenge on the sanction issue.
Bloomberg quoted the Russian deputy trade representative here as saying that Moscow sells oil to India at about a 5% discount.
Sanctions are hitting those who are imposing them: Babushkin
The Russian embassy later said “regarding oil import prices amid tariffs, a 5% swing is possible subject to negotiation”.
The Trump administration has imposed an additional 25% tariff on India to penalise it for oil purchase from Russia. The tariff comes into effect on Aug 27 and despite hopes of a peace agreement emerging from the Putin-Trump Alaska summit, India continues to be targeted by US officials for “profiteering” from Russian oil.
“Russia is the biggest supplier to India of crude oil and India’s demands are growing. Certainly, this is a perfect case of mutual accommodation and complementarity of our economies,” said Babushkin. Last week, US treasury secretary Scott Bessent warned that the Trump administration may increase secondary tariffs on India if it continues to procure Russian crude oil. This week, he accused Indian companies of profiteering from Russian oil trade.
“The sanctions are hitting those who are imposing them. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure,” Babushkin said, accusing the West of behaving like neo-colonial powers.
“If hypothetically speaking, India refuses to procure Russian oil, it will not lead to mutually beneficial cooperation with the West,” the Russian diplomat said, adding bilateral trade is likely to reach $100 billion by 2030.
Asked about American tariffs on Indian goods, he said the Russian market will welcome Indian exports. He also said the role of Brics as a stabilising force will increase amid the ongoing global turbulence.
In terms of GDP, the size of the economy of Brics is about USD 77 trillion while it is USD 57 trillion for Group of Seven (G7) nations, he said, arguing that the Brics is emerging as a major economic power.
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