India and Russia pledged to deepen economic cooperation during a high-profile meeting between their foreign ministers in Moscow on Thursday, signaling resilience against U.S. trade pressures linked to New Delhi's energy purchases from Moscow.
The talks, led by Russian Foreign Minister Sergei Lavrov and India's External Affairs Minister Subrahmanyam Jaishankar, focused on expanding bilateral trade and addressing imbalances. This comes as India faces U.S. tariffs of up to 50% on select goods – among Washington's highest – following New Delhi's increased imports of discounted Russian crude since 2022.
"Our hydrocarbon cooperation shows tangible results, particularly in oil supplies to India," Lavrov stated, highlighting plans for joint energy projects in Russia's Far East and Arctic regions. Jaishankar emphasized the countries' "steadfast partnership since World War II," rooted in their Soviet-era alliance.
While Western nations criticize India's Russian oil imports as indirectly funding the Ukraine conflict, New Delhi maintains its transactions are strictly commercial. Indian officials have pointed to ongoing Western trade with Moscow as evidence of double standards.
The ministers outlined plans to boost Indian exports of pharmaceuticals, agricultural products, and textiles to Russia while streamlining regulatory hurdles. "Addressing non-tariff barriers is crucial for balanced trade growth," Jaishankar noted, referencing India's $46 billion trade deficit with Russia in 2023-24.
Russian embassy officials confirmed Moscow's commitment to maintain energy supplies to India despite U.S. pressure. The development underscores shifting global trade dynamics as Asian nations navigate geopolitical tensions while pursuing economic interests.
