In a significant diplomatic development ahead of his scheduled December visit to India, Russian President Vladimir Putin has announced key measures aimed at softening the growing trade imbalance between Russia and India. The trade gap has been largely fueled by India’s rising imports of Russian crude oil.
Speaking at the Valdai International Discussion Forum—a gathering of security and geopolitical experts from over 140 countries, including India—Putin outlined his vision to strengthen economic cooperation and restore balance in bilateral trade. The forum took place in the picturesque Black Sea resort of Sochi in southern Russia.
Putin emphasized that Russia is prepared to increase its purchases of agricultural products and pharmaceuticals from India as part of these efforts.
“More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” he said.
Putin also touched on the geopolitical pressures India has faced, referencing the 25% punitive tariff imposed by the United States on Indian imports due to New Delhi’s continued purchase of Russian oil—bringing the total US-imposed duties to 50%. He suggested that oil imports from Russia not only offer India economic relief but also elevate its standing as an independent sovereign nation.
“The losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation,” Putin asserted.
He confirmed that he had instructed the Russian government to prepare concrete proposals for Indian counterparts, identifying areas of mutual benefit and eliminating existing trade bottlenecks, particularly in financing, logistics, and payment mechanisms.
While acknowledging that current trade turnover between the two countries—around USD 63 billion—falls short of its potential, especially compared to USD 50 billion with Belarus, Putin urged action.
“We need to solve the whole range of tasks to unlock our opportunities and potential advantages,” he added.
The Russian President reinforced the historical and strategic depth of Russia-India relations, describing them as “special” and rooted in shared values since the era of India’s independence struggle. He lauded India for its unwavering remembrance of Soviet support and underscored the trust-based rapport he shares with Prime Minister Narendra Modi.
“In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it,” Putin noted, describing Modi as a “balanced, wise, and nationally oriented” leader.
He further applauded India’s refusal to yield to Western pressure to stop importing Russian oil, framing it as a reflection of strong national leadership.
The two countries are approaching the 15th anniversary of their “Special Strategic Privileged Partnership”, and Putin affirmed that the designation holds genuine weight in diplomatic and practical terms.
In closing, Putin welcomed a proposal from Dr. Arvind Gupta, Director General of India’s Vivekananda International Foundation, advocating for a joint fund to support the development of AI and emerging technologies.
