RUSSIAN President Vladimir Putin starts a two-day visit to the capital, pitching for more sales of Russian oil, missile systems and fighter jets in a bid to restore energy and defence ties hit by US pressure on the 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.
But officials worry that any fresh energy and defence deals with Russia could trigger a reaction from US President Donald Trump, who doubled tariffs to 50% in August on Indian goods, as punishment for New Delhi’s purchases of Russian crude.
Putin’s delegation includes the chief executives of dominant Russian lender Sberbank and state arms exporter Rosoboronexport, as well as the heads of sanctioned oil firms Rosneft and GazpromNeft, an industry source with direct knowledge of the matter said.
In the talks, Moscow is likely to seek India’s help to get spares and technical equipment for its oil assets, as sanctions have choked access to key suppliers, said the industry source and a separate Indian government source.
India is likely to pitch for the restoration of a stake of 20% for state gas explorer ONGC Videsh Ltd in the Sakhalin-1 project in Russia’s far east, the government source added.
Indian Oil Corp has placed orders from non-sanctioned Russian entities for December and January loading while Bharat Petroleum Corp is in advanced stages of placing an order, sources at the two companies said.
The sources sought anonymity as they were not authorised to speak to media.
Unlike crude, India does not plan to freeze defence ties with Moscow anytime soon as it requires continued support for the many Russian systems it operates, Defence Secretary Rajesh Kumar Singh said last week.
Russian Sukhoi-30 jets make up the majority of India’s 29 fighter squadrons and Moscow has also offered its most advanced fighter, the Su-57, which is likely to figure in the talks, said two Indian officials familiar with the matter.
Recent US-Russia talks to ending the Ukraine war, could help make it easier for Indian officials to engage with Moscow, said Harsh Pant, head of foreign policy studies at India’s Observer Research Foundation think tank.
But ties continue to appear strained, he said.
“A large part of the trading relationship was based on energy, which is now losing traction under the threat of sanctions from the United States,” he added.
“And at the end of the day, only defence remains, which continues to bind the two together.” — Reuters
