OUR ENERGY COOPERATION WITH INDIA IS UNAFFECTED

Russian President Vladimir Putin on India-Russia relations, the new world order and more

- ANJANA OM KASHYAP AND GEETA MOHAN

AHEAD OF HIS VISIT to India on December 4 and 5, Russian President Vladimir Putin said Russia and India have laid out an ambitious plan for our collaboration in key domains. Russia's partnership with India encompasses such fields as space exploration, energy, shipbuilding, and aviation and there are many interesting areas for cooperation in the future such as artificial intelligence. In an interview with the India Today Group's Anjana Om Kashyap and Geeta Mohan, President Putin also spoke about the need to make better use of the BRICS New Development Bank's opportunities. Edited excerpts:

GM: There's immense pressure on India and Russia when it comes to oil. How can both countries handle this Western pressure?

The pressure you have referred to typically involves employing political instruments to influence normal competition. Our energy cooperation with India remains unaffected by current conditions, fleeting political swings, or indeed the tragic events in Ukraine. Regarding hydrocarbons: well before the Ukrainian situation, our business entities had already built a solid and efficient commercial relationship based on mutual trust. It's widely known that one of our leading companies acquired an oil refinery in India—this investment represented one of the largest foreign inflows into the Indian economy, totalling more than $20 billion. It has been continuously expanding operations of this refinery, working with its partners. As a result, India has become one of the major refined product suppliers to Europe—not just because it buys our oil with a discount. It took years to achieve this and is in no way connected to the current economic environment.

Certain actors clearly dislike India's growing role in international markets owing to its ties with Russia. Consequently, they're seeking means to constrain India’s influence for political reasons.