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Putin and Modi discuss trade, peace in New Delhi summit

Putin and Modi discuss trade, peace in New Delhi summit

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NEW DELHI, Dec 5 (Reuters) – Russian President Vladimir Putin and Indian Prime Minister Narendra Modi began summit talks in New Delhi on Friday, as New Delhi rolled out the red carpet for the Russian leader and Modi told him India supported peace efforts in Ukraine.

Putin is on his first visit to India in four years, aiming to boost trade with the top buyer of Russia’s arms and seaborne oil as Western sanctions squeeze their decades-old ties.

The visit comes at a time when New Delhi is engaged in talks with the U.S. for a trade deal to cut punitive tariffs imposed by President Donald Trump on its goods over India’s Russian oil purchases.

Moscow has been India’s top arms supplier for decades and has said that it wants to import more Indian goods in an effort to grow trade to $100 billion by 2030 that so far has been skewed in its favour due to New Delhi’s energy imports.

Since European countries cut their reliance on Russian energy after Russia invaded Ukraine nearly four years ago, India ramped up its purchases of discounted Russian crude, only to reduce them under pressure from U.S. tariffs and sanctions this year.

EFFORTS TO END UKRAINE CONFLICT

“India is not neutral — India has a position, and that position is for peace,” Modi told Putin as they opened their talks. “We support every effort for peace, and we stand shoulder to shoulder with every initiative taken for peace.”

Putin, in response, thanked Modi for his attention and efforts aimed at resolving the conflict.

“We had the opportunity – and you gave me that opportunity – to speak in detail about what is happening on the Ukrainian track and about the steps we are taking jointly with some other partners, including the United States, toward a possible peaceful settlement of this crisis,” Putin said.

“As our countries and economies grow, the opportunities for cooperation expand,” Putin said. “New areas are emerging – high technologies, joint work in aviation, space, and artificial intelligence. We have a very trusting relationship in the field of military-technical cooperation, and we intend to move forward in all these areas.”

21-GUN SALUTE WELCOME

Putin landed in Delhi on Thursday to a warm welcome from Modi, who greeted him with an embrace on the tarmac of the airport. The two men then travelled together in the same vehicle for a private dinner hosted by Modi.

On Friday, Putin was given a ceremonial welcome on the forecourt of Rashtrapati Bhavan, the colonial-era presidential palace, with a 21-gun salute as his convoy drove in.

The two sides are expected to announce a raft of deals at the end of formal talks.

Indian firms are expected to sign an agreement with Uralchem group, Russia’s top potash and ammonium nitrate producer, to jointly set up a urea plant in Russia, Reuters reported on Thursday.

Russian lenders Gazprombank (GZPRI.MM)and Alfa Bank have also sought approval to begin operating in India to help Moscow boost its trade with India, Reuters reported.

PUTIN CHALLENGES WASHINGTON

Modi and Putin are also expected to discuss topics including labour and civil nuclear energy.

A large business and government delegation has accompanied Putin for the visit, including Defence Minister Andrei Belousov who held talks with his Indian counterpart Rajnath Singh on Thursday.

Belousov stated that “the Russian defence industry is ready to support India towards becoming self-reliant in the field of defence production,” India’s defence ministry said after the talks.

In an interview with broadcaster India Today that was aired late on Thursday, Putin challenged U.S. pressure on India not to buy Russian fuel when the U.S. could purchase Russian nuclear fuel.

“If the U.S. has the right to buy our fuel, why shouldn’t India have the same privilege? This question deserves thorough examination, and we stand ready to discuss it, including with President Trump,” Putin said.

He also said that while there was a minor dip in India-Russia trade during the first nine months of this year, energy trade was “running smoothly”.

India has said Trump’s tariffs are unjustified and unreasonable and pointed at ongoing U.S. trade with Moscow. The U.S. and European Union continue to import billions of dollars worth of Russian energy and commodities, ranging from liquefied natural gas to enriched uranium.

‘INDIA’S CONUNDRUM’

Putin arrived in India a day after holding talks with Trump’s top envoys on a possible peace deal to end the war in Ukraine, but they did not reach a compromise.

India has resisted condemning Russia over the war and called for peace through dialogue and diplomacy, while saying that its ties with Moscow were being unfairly targeted by Western nations that it said continued to do business with Moscow when it was in their interest.

“India faces a conundrum; by taking steps to strengthen ties with Moscow or Washington, New Delhi risks setting back ties with the other,” Michael Kugelman, senior fellow at Washington’s Atlantic Council think tank, wrote in Foreign Policy magazine this week.

Reporting by Shivam Patel and YP Rajesh; Additional reporting by Sakshi Dayal and Vladimir Soldatkin; Editing by Peter Graff and Kate Mayberry

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