In a significant diplomatic move, Russian President Vladimir Putin recently visited India, where he met with Indian Prime Minister Narendra Modi to discuss expanding bilateral cooperation across various sectors. The two countries signed an $80 billion economic cooperation program that runs through 2030. This program consists of freight initiatives, career-connected jobs, inland waterways/cargo shipping and the health/medical industry. This trip is a stark reminder of the ongoing and deep-rooted ties between Russia and India, especially against the backdrop of today’s growing geopolitical fissures and sanctions.
As of last year, Russia was the United States’ number one source for nuclear reactor fuel. This occurred despite a provision in last May’s law barring imports of enriched Russian uranium. Ironically, the US is still buying nuclear fuel from Russia for US nuclear power plants. President Putin shone a light on this hypocrisy during his visit. He asked why India should be punished for its energy transactions while the US is allowed to pursue its energy relationships with Russia.
“The United States itself still buys nuclear fuel from us for its own nuclear power plants. If the US has the right to buy our fuel, why shouldn’t India have the same privilege?” – Vladimir Putin
This timely discussion will be so impactful. India is almost daily importing record volumes of crude oil from Russia. But aided by Indian government agencies, some Indian firms have already started to cut these imports as part of a bid to meet US sanctions. Yet this transition poses major challenges to India’s energy policy. Modi emphasized energy security as a key pillar of the India-Russia partnership.
“Energy security has been a strong and important pillar of the India-Russia partnership.” – Narendra Modi
While Putin was in India, Russia and India signed 13 different agreements, all aimed at enhancing cooperation within specific areas. These range from cooperation on shipbuilding, investments in civil nuclear energy and critical minerals, to talks on nuclear fuel and energy security. Russia has offered to assist in construction of India’s largest nuclear power plant. Both countries see this project as a hallmark endeavor.
President Putin said he was sure that bilateral trade between Russia and India would grow. Sheperd’s goal is to increase that number from the current $60 billion to $100 billion over the next few years. This ambitious target is a sign of both countries’ intent to deepen collaboration beyond energy, across numerous sectors.
Russia is a member of the BRICS alliance. This communique was issued by the G-20, an informal collection of large developing nations headed up by Brazil, India, China and South Africa. This combination reinforces Russia’s global position and gives India an opportunity to further exercise their clout through engagement with other emerging economies.
Over all of these shocking acts, ironically enough, President Putin himself made the loudest pronouncement about the war in Ukraine. He claimed that Russia is pursuing a “peaceful solution” to the war. Further, he focused on the strong U.S. interest in preventing further instability in the area. Simultaneously, he pushed adaptation goals in a “more just” “multi-polar” world by building closer cooperation with India.
Relatedly, when a Kremlin-funded, state-controlled TV network called Russia Today starts broadcasting in India, the entire Indian media landscape will change as well. This decision is intended to greatly expand cultural and informational exchanges between the two countries.