Relations between Russia and India are “consistently developing in all areas,” believes Russian President Vladimir Putin, who visited the country in December 2021, just a few weeks before he declared an offensive on Ukraine in February 2022.
The strategic alliance between Russia and India is founded upon defense cooperation. It is governed by the two nations’ signed Agreement on the Program for Military Technical Cooperation. On December 6, 2021, in Delhi, during the first meeting of the India-Russia 2+2 Dialogue, the Agreement for 2021–2031 was signed.
“First of all, let me say that the relations between Russia and India are consistently developing in all areas. And the main guarantor for that is the policy led by Prime Minister Modi,” Putin was quoted as saying during ‘Russia Calling Investment Forum’ in St. Petersburg.
“I cannot imagine His Excellency Modi getting intimidated or being forced to take any steps or actions that would go against the national interests of India and the people of India,” Putin said, alluding to India buying Russian oil despite war in Ukraine.
As of August 2023, roughly 18 months into the conflict in Ukraine, Russia had been exporting more than 60 million barrels of crude oil per month to India, reports have highlighted. Almost 25% of Russia’s exports of refined and crude oil go to India.
In contrast to the $60 per barrel price cap set by the European Union, the average price of crude oil shipped to India between December 2022 and June 2023 was reported in Russian customs records to be around $50 per barrel.
In response to accusations from the West that it was “funding the war in Ukraine,” New Delhi has steadfastly defended its purchases of Russian oil.
“Europe has managed to reduce its imports while doing it in a manner that is comfortable. If at a (per capita income) of €60,000, you are so caring about your population, I have a population of $2,000 per capita income. I also need energy, and I am not in a position to pay high prices for oil,” India’s foreign minister Dr S Jaishankar had said earlier this year.
