New Delhi, December 5 (IANS) Russian President Vladimir Putin on Friday assured India of uninterrupted fuel supplies as part of a broader push to strengthen bilateral ties between the two nations.

Addressing a joint press meet with Prime Minister Narendra Modi here, President Putin said: "We are ready to continue uninterrupted shipments of fuel for the growing Indian economy."

The announcement came as both countries signed multiple agreements, covering sectors from fertilisers and food safety to shipping and maritime logistics, as Prime Minister Modi highlighted economic cooperation between the two nations, saying: "India and Russia have agreed on an economic cooperation program to expand trade till 2030."

Russia expects to boost its oil exports to India again and views the current decline that has taken place due to Western sanctions as a very temporary phase, Kremlin spokesperson Dmitry Peskov had said earlier this week. "There can be, for a very brief period of time, insignificant decreases in the volume of oil trade," Peskov told Indian journalists via a video link.

India had become the top buyer of Russia’s seaborne oil in the wake of the Ukraine war, but has recently cut crude imports due to US sanctions on leading Russian producers Rosneft and Lukoil.

Following this, Europe has also announced sanctions against the purchase of petroleum products distilled from Russian crude.

In 2023–24, the bilateral trade between India–Russia was valued at $65.70 billion, comprising $4.26 billion in Indian exports and $61.44 billion in imports. The countries aim to take the bilateral trade to $100 billion by 2030.

According to Commerce and Industry Minister Piyush Goyal, India and Russia must work together to bring greater diversity and balance to their trade basket, as he highlighted the huge opportunity in the bilateral economic partnership.

In his address at the India-Russia Business Forum here, Goyal said: "Bilateral trade between the two countries is reaching $70 billion, but we cannot rest, we need to grow, we need to balance that."

Some of India’s top imports from Russia in FY25 include crude oil at nearly $57 billion, animal and vegetable fats and oils at $2.4 billion, fertilisers at $1.8 billion, and pearls, precious, and semi-precious stones at $433.93 million.

Have established close working and personal contact with PM Modi: Putin 

New Delhi, Dec 5 (IANS) Thanking Prime Minister Narendra Modi for the warm and cordial welcome extended to the visiting delegation, Russian President Vladimir Putin on Friday stated that he has established a "close working and personal contact" with the Indian PM and together they "constantly monitor" the development of Russian-Indian cooperation in all its strategic areas.

"The talks we just concluded with our Indian colleagues, as well as our conversation last night with Mr. Modi in a one-on-one format at his home over dinner — I want to thank you again for this sign of attention — these talks were very useful, and took place in a constructive and friendly atmosphere, in the spirit of the especially privileged partnership between Russia and India," the Russian President stated after holding extensive talks with PM Modi at the Hyderabad House during the 23rd India-Russia Annual Summit.

"I would like to point out that the Prime Minister and I have established close working and personal contact. We met this year in September at the SCO summit, regularly communicate by telephone, and constantly monitor the development of Russian-Indian cooperation in all its strategic areas, as well as the progress of key bilateral projects," he added.

In their meeting, both leaders discussed all aspects of India-Russia relations which remain deep-rooted and multifaceted. They also reaffirmed mutual commitment to further strengthen the Special and Privileged Strategic Partnership between India and Russia besides also discussing regional and global issues of mutual interest.

Putin mentioned that both sides "deeply and thoroughly examined" the entire range of current issues of Russian-Indian multifaceted cooperation and exchanged views on pressing global and regional issues.

"The joint statement we adopted with Mr. Modi outlined priority objectives for further strengthening ties in politics and security, economics, trade, humanitarian affairs, and culture. As you have seen, a substantial package of intergovernmental, interdepartmental, and corporate agreements was also signed," he said.

The leaders witnessed exchange of several documents, including Memorandum of Understanding (MoUs) on Trade and Commerce; Migration and Mobility; Maritime Cooperation; Health and Food Safety; Fertilizers; Academic Exchanges; Media Cooperation; and, enhancing People-to-People ties.

"Many of them are aimed at expanding economic cooperation between Russia and India. This is entirely natural, as our countries are important partners in trade, investment, and technology. Last year, bilateral trade increased by another 12 percent, setting another record. The figures vary slightly according to different statistics, but overall, it's somewhere around $64–65 billion. Trade volumes are projected to remain roughly at the same level by the end of this year," remarked the Russian President.

"At the same time, it appears we are capable of raising this figure to the $100 billion mark. To achieve this significant goal, a Program for the Development of Russian-Indian Economic Cooperation until 2030 has been agreed upon. This comprehensive document sets clear guidelines. The intergovernmental commission, ministries, and agencies of the two countries' economic blocs are tasked with removing barriers to the flow of goods and capital, implementing joint industry projects, and deepening technological and investment cooperation."

The creation of a free trade zone between India and the Eurasian Economic Union, said Putin, would contribute massively to the expansion of Russian-Indian commercial ties. Work on such an agreement is already underway, he assured.

"I am pleased to note that countries are consistently transitioning to national currencies in mutual settlements. Their share in commercial transactions now stands at 96 per cent. Sustainable channels for interbank credit and financial cooperation have been established. Russian economic operators are expanding the use of Indian rupees earned through export contracts. Large joint projects are financed in Russian rubles. Our energy partnership is developing successfully. Russia is a reliable supplier of energy resources and everything necessary for India's energy sector development. We are ready to continue to ensure uninterrupted fuel supplies for the rapidly growing Indian economy".

He detailed that Moscow and New Delhi are also working to develop new, efficient international transport logistics routes. This includes the North-South Corridor project, which will connect Russia and Belarus to the Indian Ocean. He mentioned that significant opportunities for bilateral trade are emerging with the expansion of the trans-Arctic transport corridor's infrastructure, including its main artery, the Northern Sea Route.

"There are also many other economic sectors in which Russia and India have accumulated positive experience. Joint initiatives are underway in industry, mechanical engineering, digital technologies, space exploration, and other knowledge-intensive sectors. For example, in accordance with the commercial agreement signed during the visit, a large Russian-Indian pharmaceutical plant will be built in the Kaluga Region, where it will begin producing high-quality anticancer drugs using advanced Indian technologies. Russian companies, in turn, will establish industrial production under the 'Make in India' program, a signature project of Prime Minister Modi," the Russian President stated.

In his statement, Putin highlighted that the Russian-Indian humanitarian cooperation remains multifaceted.

"For centuries, our peoples have shown a genuine interest in each other's traditions, history, and spiritual values. Scientific and educational contacts, as well as exchanges between youth and community groups, are actively developing. Regular cross-cultural festivals of Russian and Indian films enjoy continued success. Reciprocal tourist flows also increase year after year," he said.

He mentioned that discussions of key global and regional issues confirmed the alignment of the two countries' positions as both pursue independent and autonomous foreign policies.

"Together with like-minded BRICS, SCO, and other global majority states, we are advancing the process of creating a more just and democratic multipolar world order and upholding the fundamental principles of international law enshrined in the Charter of the United Nations. These include the right of each country to pursue its own development path and preserve its cultural and civilizational identity, respect for sovereignty, and a balanced balance of interests among all members of the global community.

"As founding members of BRICS, Russia and India have done and continue to do much to enhance the organization's authority. As you know, India will chair BRICS next year. We will provide all necessary assistance to our Indian friends in their work on the relevant BRICS agenda," Putin stated.