WHAT HAS HAPPENED ?
PM Narendra Modi on Wednesday further backed economic cooperation with Russia as he told President Vladimir Putin that,
India is keen to strengthen its partnership with Russia on Arctic issues and that there's "immense potential" for cooperation in the field of energy.
WHEN PM MODI SAID IT ?
Modi was participating virtually in the plenary session of the Eastern Economic Forum, which promotes development in the remote Russian Far East, when he made the remarks before Putin.
The online session was organised in the Russian city of Vladivostok and also attended by Russian President Vladimir Putin.
The Eastern Economic Forum (EEF) is an annual international forum that takes place in Vladivostok, Russia.
It was established in 2015 for the purpose of encouraging investment in the Russian Far East.
POLICY ANNOUNCED IN 2019
Recalling his participation at the forum summit physically in 2019, Modi said India had announced its 'Act Far-East' policy at that time and as a result of that, India's cooperation with the Russian Far East has increased in various fields.
"This policy has now become a key pillar of the 'Special and Privileged Strategic Partnership' between India and Russia."
STEEL SECTOR
The PM also said Russia can become an important partner for the Indian steel industry through the supply of coking coal and there was scope for good cooperation in the mobility of talent.
"I believe that the talent and professionalism of Indians can bring about rapid development in the Russian Far East."
CONNECTIVITY
Talking about the International North-South Corridor, the Chennai-Vladivostok Maritime Corridor and the Northern Sea Route, Modi said,
"Connectivity will play an important role in the development of our relations in the future."
SIGNIFICANCE OF THE STATEMENT MADE BY PM MODI
Recently, the European Union has also called on India and China to take part in the G-7 initiative to reduce the profits that Russia makes from selling oil.
On September 2, the Group of Seven wealthy nations (G7 countries) agreed on a plan to implement a price-capping mechanism on Russian oil exports. In the proposal, the finance ministers representing the G-7 nations sought to curtail Russia's ability to fund its war in Ukraine.
The G7 statement added that the price cap's effectiveness and impact would be closely monitored and revisited as necessary, reported CNBC.
The G-7 is comprised of the US, Canada, France, Germany, Italy, UK and Japan.
SO WILL INDIA PUT A PRICE CAP ON RUSSIAN OIL?
Amid the rise in global crude oil prices and Western pressure, India had been importing crude oil from Russia.
Considering Russian President Vladimir Putin saying it will stop delivering oil and gas supplies to countries that introduce price caps, things may not be that hard for India specifically.
Responding on the query if India would sign sign up to the G-7 proposal to put a price cap on Russian oil, Indian Petroleum and Natural Gas Minister Hardeep Singh Puri said, "Now, what will the proposal mean? We will look at it very carefully."
Hardeep Singh Puri said he would not rule out whether the imports will rise or fall. "When prices are high, the logistical factors are applied. We have a duty to our consumers," he had said.
Responding back on the query of moral responsibility, Puri firmly said that India will continue to buy from Russia or wherever.
INDIA'S OIL IMPORT
Though between April to May this year, India's imports from Russian oil rose by 4.7 times, or more than 400,000 barrels per day,
however, it fell in July. Despite, India's oil imports declined by 7.3% in July from the June
levels, Moscow remained the country's second biggest oil supplier after Iraq. After Saudi Arabia lowered the official selling price in June and July compared with May, the crude oil imports rose in July by more than 25%. With this, Saudi Arabia stayed at the No. 3 spot.
PM MODI ALSO SPOKE ON UKRAINE WAR
The PM also reiterated India's support for all peaceful efforts to end the Ukraine conflict saying shortages of foodgrains, fertilisers and fuels are a major concern for developing countries.
Modi said the Ukraine conflict and the Covid pandemic have had a major impact on global supply chains while recalling that, since the beginning of the Ukraine conflict, India has stressed the need to take the path of diplomacy and dialogue.
"We support all peaceful efforts to end this conflict. In this regard, we also welcome the recent agreement concerning the safe export of cereals and fertilisers."
CONCLUSION
Modi will meet Putin and come face to face with Chinese President Xi Jinping next week in Uzbekistan at the SCO summit, amid G7 efforts to impose a cap on the price of Russian oil,
Although it's not clear yet if he will have a structured bilateral meeting with either of the two leaders.
