Putin, Modi set focus on peace and $100bn trade goal as Delhi summit begins

Russian President Vladimir Putin and Prime Minister Narendra Modi began summit talks in New Delhi on Friday, with Modi opening the meeting by saying India supported every effort for peace in Ukraine. The summit comes as New Delhi rolls out the red carpet for Putin on his first visit to India in four years, aimed at strengthening trade ties amid Western sanctions.

Putin is seeking to deepen cooperation with one of Russia’s biggest buyers of arms and seaborne oil. The visit also coincides with India’s ongoing negotiations with the United States for a trade deal to roll back punitive tariffs imposed by former president Donald Trump over New Delhi’s purchases of Russian oil.

Russia has been India’s top arms supplier for decades and has said it wants to import more Indian goods to help push bilateral trade to $100 billion by 2030. Trade has remained heavily tilted towards Moscow due to India’s energy imports.

READ: Putin defends India’s Russian oil imports, praises Modi

After European countries sharply reduced their dependence on Russian energy following the Ukraine invasion nearly four years ago, India increased purchases of discounted Russian crude. Those purchases have fallen this year as U.S. tariffs and sanctions took effect.

EFFORTS TO END UKRAINE CONFLICT

“India is not neutral — India has a position, and that position is for peace,” Modi told Putin as the talks began. “We support every effort for peace, and we stand shoulder to shoulder with every initiative taken for peace.”

Putin thanked Modi for his attention and efforts to help resolve the conflict.

“We had the opportunity – and you gave me that opportunity – to speak in detail about what is happening on the Ukrainian track and about the steps we are taking jointly with some other partners, including the United States, toward a possible peaceful settlement of this crisis,” Putin said.

He highlighted expanding areas of cooperation. “As our countries and economies grow, the opportunities for cooperation expand,” he said. “New areas are emerging – high technologies, joint work in aviation, space, and artificial intelligence. We have a very trusting relationship in the field of military-technical cooperation, and we intend to move forward in all these areas.”

21-GUN SALUTE WELCOME

Putin arrived in Delhi on Thursday and was received by Modi on the airport tarmac, where the two leaders embraced before travelling together in the same vehicle for a private dinner.

On Friday, Putin received a ceremonial welcome at Rashtrapati Bhavan, the colonial-era presidential palace, including a 21-gun salute.

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A series of agreements are expected to be announced following the talks. Indian firms are expected to sign an agreement with Uralchem group, Russia’s top potash and ammonium nitrate producer, to jointly set up a urea plant in Russia, Reuters reported on Thursday.

Russian lenders Gazprombank and Alfa Bank have also sought approval to begin operations in India to support Moscow’s efforts to boost trade.

PUTIN CHALLENGES WASHINGTON

Modi and Putin are also expected to discuss labour mobility and civil nuclear energy.

Putin’s delegation includes senior ministers and officials, among them Defence Minister Andrei Belousov, who met his Indian counterpart Rajnath Singh on Thursday.

Belousov said “the Russian defence industry is ready to support India towards becoming self-reliant in the field of defence production,” according to India’s defence ministry.

In an interview with India Today aired late on Thursday, Putin questioned US pressure on India over Russian fuel purchases.

“If the U.S. has the right to buy our fuel, why shouldn’t India have the same privilege? This question deserves thorough examination, and we stand ready to discuss it, including with President Trump,” he said.

He noted that despite a slight dip in overall trade in the first nine months of the year, energy trade was “running smoothly”.

India has said Trump’s tariffs are unjustified and has pointed to ongoing U.S. and EU trade with Moscow, which continues to include liquefied natural gas and enriched uranium.

‘INDIA’S CONUNDRUM’

Putin arrived in India a day after meeting Trump’s top envoys for discussions on a possible Ukraine peace deal, though no compromise was reached.

India has avoided condemning Russia over the war, calling instead for dialogue and diplomacy, while also arguing that its ties with Moscow are being singled out by Western nations that continue their own commercial engagement with Russia.

“India faces a conundrum; by taking steps to strengthen ties with Moscow or Washington, New Delhi risks setting back ties with the other,” Michael Kugelman, senior fellow at the Atlantic Council, wrote in Foreign Policy magazine this week.

(With inputs from Reuters)