Crude oil exports to India will remain steady: Russian diplomat

New Delhi, Aug 20 (IANS) Deputy Ambassador of the Russian Federation to India, Roman Babushkin, on Wednesday reaffirmed that crude oil exports to India will remain steady despite the evolving global sanctions and trade pressures.

Addressing media personnel at the Russian Embassy in New Delhi, Babushkin said, “Despite the current situation and evolving conditions, Russia’s crude oil exports to India are expected to remain the same. There is simply no alternative to Russian oil, as it is highly competitive and offers a very high profit margin.”

The Deputy Ambassador highlighted that trade between the two countries has grown nearly sevenfold in recent years, with Russia supplying around 250 million tonnes of oil annually to India, offering an average discount of five per cent subject to negotiation.

He noted that the 18th package of EU sanctions had no impact on Russia’s oil trade with India. When asked to hypothetically comment on the prospects of India refusing to import Russian oil, the envoy said that “I don’t think that will ever happen”, underlining that crude oil remains the backbone of bilateral trade alongside chemicals and fertilizers and others.

He added that “the more pressure there is, the more cooperation we see,” stressing that trade within BRICS is also witnessing robust growth. Babushkin also touched upon broader aspects of India–Russia relations, citing cooperation in energy, nuclear power, culture, and infrastructure, as well as ongoing diplomatic exchanges.

He also said that Prime Minister Narendra Modi and President Vladimir Putin have spoken twice this month and that External Affairs Minister S. Jaishankar is currently in Moscow where he will co-chair the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation and also meet Russian Foreign Minister Sergei Lavrov.

On Putin’s scheduled visit to New Delhi later this year, the envoy said no dates have yet been finalised as of now.

Babushkin reiterated that sanctions only promote global instability and that Russia remains committed to strengthening its “special strategic partnership” with India.

--IANS

sas/as