PUTIN WANTS TO KEEP OIL, ARMS FLOWING

NARENDRA Modi’s red carpet welcome and signature bear-hug for Russian President Vladimir Putin signals New Delhi’s stamp of continuity for its ‘multi-alignment’ foreign policy.

- GURBIR SINGH

The timing is important: India has cut back on Russian oil imports following the new Western sanctions. For Putin too, facing isolation on the Ukraine war, to connect with India on the 25th anniversary of the two countries’ special relations, became important.

For both the leaders, it is both optics and business. For Vladimir Putin, to break the image of being a pariah, and being welcomed in the capital of an important democracy, is one way of telling the world he is not isolated.

There is business too. Despite the West's sanctions, and India increasingly leaning towards the US, the Russians are keen to keep trade and investment going. Crude imports from Russia dropped by a whopping 38% in value terms and 31% in volume in October this year, compared to October 2024, the sharpest fall so far. Imports in December are expected to fall to a potential three-year low. Reliance has announced it has stopped all crude purchases from the two Russian sanctioned firms, Rosneft and Lukoil, for its refineries.

Those who accompanied Putin to New Delhi is an indication the Russians want to both salvage what they can for their crude exports, and build on the being India’s largest defense partner. Putin’s delegation included Andrei Belousoy, his defense minister, executives of Russian state arms exporter Rosoboronexport, and heads of energy firms, Rosneft and Gazprom Neft.

As a teaser, Putin, at the joint press conference in Delhi on Friday, said Russia is ready to continue “uninterrupted shipments” of fuel to India, fully aware US sanctions and pressure are in force against Russian oil.