Amid tariff war, PM Modi & Russian President Putin vow to firm up ties

In the backdrop of India facing punitive tariffs for its crude oil purchase from Russia, the two countries on Monday reaffirmed their resolve to strengthen partnership and expressed satisfaction over the growth made in the economic, financial and energy sectors.

Prime Minister Narendra Modi and Russian President Vladimir Putin met on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Tianjin, China. Both of them “reaffirmed support for further strengthening of the special and privileged strategic partnership between the two countries”, a Ministry of External Affairs statement said.

Modi and Putin also discussed several issues of bilateral cooperation. The MEA said these pertained to the economic, financial and energy sectors. They expressed satisfaction over the sustained growth in bilateral ties in these areas. Modi stressed the need for an immediate end to the Russia-Ukraine conflict.

The assurances regarding “strengthening ties” between India and Russia have come in the midst of the US and Europe accusing India of funding the Russian aggression in Ukraine by buying crude oil.

Earlier, in his opening remarks at the bilateral, Modi, in a message clearly intended for the US and Europe, told Putin, “Even in the worst of times, India and Russia have maintained close ties.” This, he said, was due to the “depth of our special and privileged strategic partnership”.

“Our ties not just help our people, but are good for global stability, peace and growth,” Modi said.

US President Donald Trump imposed 25 per cent punitive tariffs on India for purchasing Russian crude. India had pointed out the “absurdity” of the punitive tariffs and cited how China was the biggest buyer of Russian crude while Europe was the biggest buyer of Russian gas. Both don’t face punitive tariffs.

After the stalled trade talks between India and the US, New Delhi faced 25 per cent tariff. Later, an additional 25 per cent punitive tariff was imposed, taking the total levy to 50 per cent on Indian goods being imported into the US, one of the highest in the world.

At the bilateral in Tianjin, Modi referred to the Russia-Ukraine conflict saying “India welcomes all efforts to bring peace; we hope that all sides move ahead constructively”.

“There is a need to end the conflict and to find a way towards stable peace,” Modi said.

Putin had met US President Donald Trump in Alaska on August 15 and both of them discussed peace proposals on the Russia-Ukraine issue.