'Our trade is growing again, thanks to PM Modi': Putin tells EAM Jaishankar

Russian President Vladimir Putin on Monday said trade between India and Russia was growing again. He credited Prime Minister Narendra Modi for his "personal attention" to bilateral ties.

"I'm pleased to note that our trade turnover has increased this year. While it declined slightly last year, it's growing this year, and this is partly, and perhaps primarily, thanks to Prime Minister Modi, who is devoting his personal attention to developing Russian-Indian relations," Putin told External Affairs Minister S Jaishankar in Moscow.

Jaishankar is on a two-day visit to Russia.

Putin also said he hoped to meet PM Modi soon at the Shanghai Cooperation Organisation (SCO) and indicated that the two leaders could meet again later this year.

"At the beginning of our conversation, I would like to ask you to convey my best wishes to PM Modi. I hope to see him soon, as we planned, within the framework of the Shanghai Cooperation Organization, very soon," the Russian leader said.

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Energy, Fertiliser And Nuclear Cooperation

Putin said India and Russia continued to cooperate across several areas, including energy, fertilisers, nuclear power, and high-tech sectors.

"There are many of them. One of these issues is not only energy – it is, of course, fertilizer supplies," he said. "We are doing everything to address this issue for Indian farmers, for agriculture; we are increasing these supplies and are ready to do so further."

The Russian President also said nuclear energy and high-tech cooperation were on the agenda. "Progress is progressing quite steadily," Putin said.

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India Turns Back To Russian Oil

India's purchases of Russian oil have risen sharply.

New Delhi imported more than 2.6 million barrels of Russian oil a day in June and July, up from about 1 million barrels a day in February, according to Sumit Ritolia, lead analyst at trade consultancy Kpler.

Russian oil accounted for more than half of India's crude imports during those months, according to Kpler.

India had reduced its purchases of Russian oil after US President Donald Trump accused New Delhi of funding Moscow's war in Ukraine last year.

But India has increasingly turned back to Russian supplies as oil flows through the Strait of Hormuz remain disrupted.

Overall, India's crude imports of around 5 million barrels a day are at their highest levels since the US and Israel began bombing Iran at the end of February, Kpler data showed.