Russia’s president and India’s prime minister will meet in Uzbekistan on Friday to discuss trade and fertilizer sales, the Kremlin said.
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi will meet in Uzbekistan on Friday, the Kremlin said, as the two countries seek to strengthen their power and trade ties. “It is planned to use Russian fertilizers and food products of both countries to discuss the issue of ‘saturation’ of the Indian market in other foods,” he said on Tuesday, referring to the topic of the meeting to be held on the sidelines of the meeting. number of the Shanghai Cooperation Organization. (SCO). ), local security restrictions.
“First, measures will be taken to promote the second business process. Trade revenue reached $11.5 billion in the first half of 2022, nearly 120% year-on-year,” the Kremlin said.
India’s fertilizer imports from Russia reached $1.03 billion in April-July, compared to $773.54 million for the fiscal year ended March 31, 2022, according to the website of India’s Ministry of Commerce. India is seeking a three-year fertilizer import deal with Russia.
Efforts to reach a long-term fertilizer import deal earlier this year came amid a tense geopolitical situation after Russia launched what it called “special military operations” in Ukraine on February 24. Prime Minister Modi has asked Russia for more military support despite Western pressure to cut ties with Moscow over Russia’s aggression in Ukraine.
“India wants to strengthen its relations with Russia on the Arctic issue. There is also great potential for cooperation in the energy sector,” Modi said last week during a virtual meeting of the Eastern Economic Forum in Vladivostok.
Putin will also meet Chinese President Xi Jinping on the sidelines of the summit in Samarkand, Uzbekistan’s ancient Silk Road city. India and China are the main buyers of Russian power, helping to protect Moscow from the effects of Western sanctions and allowing the two Asian economies to gain access to resources at the expense of other countries.
The two Asian countries have not publicly condemned Moscow’s actions in Ukraine, despite the outcry in the West. India, which rarely buys Russian oil, became Moscow’s second oil buyer after China.
Indian refiners, oil importers and exporters in the third world, have received cheap Russian oil, which has been rejected by some Western countries and companies. A group of seven countries are working to pay for Russian oil from Dec. 5 in an effort to reduce the price Russia receives for oil without reducing its oil exports to the world market.
So far, India and China have not said whether they will join the tariff system. Petroleum Minister Hardeep Singh Puri said last week that India will look into the matter when there are more details. He also said that many discussions and plans are taking place and “we will see who participates” in the pricing process.
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