Ahead of Putin’s visit, Peskov says will continue oil trade with India

Notwithstanding US pressure, a top Russian official has said Moscow will continue its crude oil trade with India. Russia will also offer small modular nuclear reactors for India’s needs and discuss pending progress on the S-400 air-defence missile system when President Vladimir Putin and Prime Minister Narendra Modi meet in New Delhi.

Putin will arrive in India for a two-day visit on December 4-5. Kremlin Press Secretary Dmitry Peskov outlined Moscow’s position on the 23rd annual summit during an online briefing on Tuesday.

On oil trade, Peskov said despite sanctions on Russian companies, Moscow was “finding ways to ensure trade volumes do not decline”, though there could be a brief and insignificant dip in supplies to India.

Russia intends to “continue and expand” bilateral business with India “without letting anyone interfere”, he said. In a possible dig at the US and EU, Peskov added, “Some countries try to place obstacles in the path of our trade, but we will stick to our own interests.”

Crucially, he said Russia would offer small modular reactors to India as part of nuclear cooperation.

On defence issues, Peskov confirmed that the S-400 missile system would be on the agenda and that members of the Russian delegation were prepared to discuss details. Asked about the potential sale of the Sukhoi-57 fifth-generation fighter jet, Peskov said it would also be discussed, adding, “It is the best aircraft in its class and no one can compete with us in this.”

He highlighted broader defence cooperation, noting that it went beyond the BrahMos missile to include the exchange of high technologies and know-how. “We are ready to share these with India,” he said.

On trade imbalance, Peskov said Russia was open to global investment. Bilateral trade currently stands at $63 billion, with a target of $100 billion by 2030.

To address payment challenges arising from Russia’s exclusion from Western banking systems, he said Moscow and New Delhi were working on a bilateral payment mechanism insulated from systems “used as political tools”. Russia, he added, had “deep experience” in circumventing sanctions.

Peskov underlined that the Russia-India relationship extended far beyond protocol and agreements. “It rests on a deep historic background of mutual understanding, partnership and a shared vision of global affairs based on the rule of law and respect for each other’s interests,” he added.

When asked about tariffs between India and the US, he said the matter concerns only those two countries. “What concerns us is how we can continue and expand our bilateral business with India, and this will definitely be discussed,” he said.