India-Russia ties time-tested, future oriented

India and Russia are working to improve the system of mutual settlements in the face of Western sanctions while Russian banks have adapted to sanctions and Indian credit institutions have learned to minimise the risk of secondary sanctions, Russian ambassador Denis Alipov has said.

- { INTERVIEW } DENIS ALIPOV, RUSSIAN AMBASSADOR

Mechanics for direct payment flows for trade have been built and both countries have largely switched to settlements in national and alternative currencies, whose share now exceeds 90%, Alipov said in an interview to Rezaul H Laskar, ahead of President Vladimir Putin's visit next month for an annual summit.

In addition to pitching the construction and localising of small modular reactors to boost civil nuclear cooperation, Alipov said Russia is ready to expand the transfer of defence technology, including the licensed production of Su-57 fifth-generation combat jets. Edited excerpts:

Russia-India strategic partnership, which turned 25 last month, has become a stabilising factor in global affairs and an integral boost for economic development for our two countries. Our shared values have been earned over decades of sincere friendship as well as positive, equal and comprehensive cooperation, which is mutually accommodative, easily adjustable to new requirements and highly competitive.

The upcoming summit will encompass the entire gamut of our multifaceted cooperation, building on the progress in traditional areas of decades-old partnership such as nuclear power, defence, space, science and technology, education and people-to-people ties. Of particular importance are common efforts to underpin the upward trajectory of economic cooperation-since 2022, our trade volume has seen an increase of more than six times, making Russia the fourth largest Indian trade partner with $70 billion, and the strongest contributor to Indian energy security, ensuring more than one-third of Indian crude oil imports.