In August, US President Donald Trump slapped 50% tariffs on the majority of Indian goods, pointing to New Delhi’s ongoing purchases of Russian oil, which Washington claims contribute to funding the war in Ukraine.
Also Read: Modi, Putin strike deals to turbocharge trade till 2030
The announcement came alongside the signing of multiple agreements between the two countries, covering sectors from fertilisers and food safety to shipping and maritime logistics.
Indian firms also signed a deal with Russia’s URALCHEM to set up a urea plant in Russia, boosting industrial collaboration. Additional MoUs were inked in areas including medical sciences, consumer protection, and training for ship operations.
In the environmental domain, Russia agreed to join the International Big Cat Alliance, reflecting shared commitments to wildlife conservation.Modi expressed gratitude to Putin for his “unwavering commitment towards India” and highlighted that “energy security has been a strong and important pillar of the India-Russia partnership.” While he mentioned nuclear power, he did not specifically refer to oil.Addressing “my friend” Putin, Modi lauded the long-standing ties between New Delhi and Moscow.
He added, “This will ensure that our trade and investment are diversified, balanced, and sustainable.”
Modi highlighted economic cooperation, saying, “India and Russia have agreed on an economic cooperation program to expand trade till 2030” and stressed progress on the FTA with the Eurasian Economic Union.