Russia’s Deputy Trade Commissioner Evgeny Griva on Wednesday said buying oil from Russia is “very profitable” for India, which will not want to change its supplier.
On average, Russia gives a 5 to 7 per cent discount to Indian buyers, he said, adding that Russia has a “very, very special mechanism” to continue oil supplies to India.
In addition, he said Russia had started accepting Indian rupee payments for its goods after the resolution of issues that had trapped billions of dollars worth of funds in Indian banks.
“GREATER EURASIAN PARTNERSHIP”
As tensions between Washington and New Delhi rise, high-profile visits from New Delhi and Beijing in recent weeks have raised hopes on the part of the Asian neighbours that ties damaged by a 2020 border clash can be repaired.
Indian Prime Minister Narendra Modi plans to visit China for the first time in over seven years later this month.
The planned visit was reported by Reuters last week, even as other high-profile exchanges, including Chinese Foreign Minister Wang Yi’s two-day visit to New Delhi, concluded.
At the same time, Russia is trying to revive long-standing plans for a trilateral meeting with India and China to help them forge a “greater Eurasian partnership”.
“As far as the trilateral is concerned, we are quite hopeful that this format will be resumed sooner rather than later because its importance is not questioned,” Babushkin said.
“This is closely linked to the Russian initiative of the establishment of the greater Eurasian partnership,” Babushkin said.
Russian President Vladimir Putin will meet Modi in New Delhi by the end of year, he said. Putin, Modi and Chinese President Xi Jinping are also expected to all attend the Shanghai Cooperation Organisation starting Aug 31.
