During the talks in Moscow, New Delhi is expected to negotiate for higher oil discounts
Against a backdrop of intricate geopolitical dynamics, India’s unwavering commitment to strong ties with Russia becomes evident during Indian Prime Minister’s Narendra Modi visit to Moscow. Despite Western pressure, New Delhi has consistently nurtured economic and defense partnerships with Moscow, with a particular focus on the oil sector in the recent past.
India boldly continued purchasing discounted Russian crude oil after the Ukraine conflict escalated in 2022, despite open criticism from New Delhi’s Western partners. This has contributed significantly to increasing their bilateral trade. During the fiscal year 2023-24 (FY24), bilateral trade reached an all-time high of $65.7 billion, largely attributed to imports of crude oil, coal, and fertilizers. This represents a substantial 33% increase compared to the previous year, underscoring the resilience…