Russia has been shunned by the world community as a result of its involvement in the Ukraine conflict, but India’s Prime Minister Narendra Modi said on Wednesday that he wants to strengthen ties with Russia.
Modi mentioned a “unique partnership” between the two nations and stated a desire to strengthen their collaboration on energy and coking coal during an online speech to the Eastern Economic Forum in Vladivostok, Russia.
The Indian leader also emphasised how Covid-19 and the Russian-Ukrainian war had an effect on international supply chains and urged “diplomacy and dialogue” to resolve the conflict.
In a translation initially reported by the Hindustan Times, Modi stated that “in today’s globalised world, events in one region of the world produce an impact on the entire world.”
“The Covid epidemic and the Ukraine conflict have significantly impacted global supply chains. For emerging nations, shortages of food grains, fertiliser, and fuel are a major worry.
“We have highlighted the need to follow the route of diplomacy and discussion from the very beginning of the Ukraine conflict. To resolve this problem peacefully, we support all efforts, Modi continued.
Pressure on Russia is increased by Western allies.
The remarks come as Western allies try to put more pressure on Russia economically.
To limit the Kremlin’s capacity to finance its assault on Ukraine, the G-7 announced intentions to set a restriction on the price of Russian oil last Friday. Members agreed that for the project to be successful, support from the larger international community, particularly from major economies like China and India, would be necessary.
India, which has increased its purchases of Russian oil as a result of the Kremlin’s invasion of Ukraine, has so far declined to participate in the discussion.
Shri Hardeep Singh Puri, India’s petroleum minister, said the country will evaluate the suggestions “very thoroughly” but added that he had no moral duty to sign up in an interview with CNBC on Monday.
“No, there isn’t a problem. I have a moral obligation to my client. Do I want a situation where the gas station runs out of fuel as a democratically elected government? Puri asked Hadley Gamble of CNBC at Gastech 2022 in Milan, Italy.
According to Puri, as of the end of March, Russia accounted for barely 0.2% of India’s oil imports. The vast majority of the nation’s daily oil consumption, or 5 million barrels, is supplied by Iraq, Saudi Arabia, Kuwait, and the United Arab Emirates.
Nevertheless, Modi highlighted the expanding economic ties between India and Russia in his statement on Wednesday. In particular, he welcomed the 2019 introduction of the “Act Far-East” programme, which saw India grant the resource-rich region a $1 billion line of credit for advancements in energy, diamonds, and pharmaceuticals.
He claimed that “this strategy has grown into a significant component of the unique and privileged strategic cooperation between India and Russia.”