Indian Prime Minister Narendra Modi greets Russian President Vladimir Putin at a welcoming ceremony in New Delhi, India on October 5, 2018.
Mikhail Svetlov | Getty Images News | Getty Images
Indian Prime Minister Narendra Modi said Wednesday he was keen to strengthen ties with Russia, which has been expelled from the international community after the war in Ukraine.
In an online speech at the Eastern Economic Forum in Vladivostok, Russia, Modi spoke of a “special partnership” between the two countries, expressing a particular interest in enhancing cooperation on energy and coking coal.
The Indian leader also pointed to the impact of Covid-19 and the war between Russia and Ukraine on global supply chains and called for “diplomacy and dialogue” to end the conflict.
“In today’s globalized world, events in one part of the world affect the whole world,” Modi said in translation. Hindustan Times first reported.
“The Ukrainian conflict and Covid pandemic have had a major impact on global supply chains. Shortages of food grains, fertilizers and fuel are major concerns for developing countries,” he continued.
“Since the beginning of the conflict in Ukraine, we have stressed the need to choose the path of diplomacy and dialogue. We support all peaceful efforts to end this conflict,” Modi added.
This comment comes at a time when Western allies seek to step up economic pressure on Russia.
Last Friday, the G-7 announced their next plan. Impose caps on Russian oil prices To curtail the Kremlin’s ability to fund the onslaught in Ukraine. However, for the initiative to be successful, members must: require buy-in from the wider international community — Major economies such as India and China in particular.
India, which has increased oil purchases from Russia in the wake of the Kremlin’s invasion of Ukraine, has so far refused to put aside the issue.
India’s Oil Minister Sri Haddeep Singh Puri told CNBC on Monday. consider proposals “very carefully” However, he added that he felt no moral obligation to sign up.
“No, no confrontation. I have a moral obligation to the consumer. As a democratically elected government, do you want the petrol pumps to run out?”
According to Puri, Russia accounted for just 0.2% of India’s oil imports at the end of March, and most of the country’s oil consumption (5 million barrels per day) came from Iraq, Saudi Arabia, Kuwait, and India. I come from the United Arab Emirates. Emirates.
Still, Modi heralded growing economic ties between India and Russia in his Wednesday speech. In particular, 2019 Launch of “Act Far East” PolicyIndia extended a $1 billion line of credit to resource-rich regions for the development of energy, diamonds and pharmaceuticals.
“This policy has become a major pillar of the special and privileged strategic partnership between India and Russia.