'India matters': Russia confident of continued oil supply under 'special mechanism' to resist US pressure

Russia hopes that India would not stop buying crude oil under US pressure and expects that oil supplies would continue at the same level as the two sides have a special mechanism to work around sanctions and tariffs.

Chargé d'Affaires of Russia in India Roman Babushkin, while addressing a press conference here on Wednesday, said, "We don't hope that India will stop buying oil. We have a true strategic partnership and are committed to removing any challenge.”

Russia's Deputy Trade Representative Evgeniy Griva, who accompanied Babushkin at the press briefing, said, "Despite the political situation, exports of crude oil to India would be the same.”

One thing is clear that Russia provides 40 per cent of Indian crude needs, there is no alternative to Russia crude oil, added Griva.

Babushkin termed the threats of US sanctions as a "reflection of unlawful competition". They just weaponised the economy, he added.

The Russian diplomat insisted, "It is not the first time India-Russia relationship is threatened by external factors. Each time we have worked out ways and we are certain about finding a way."

Babushkin added a warning for crude oil buyers globally if Russia-India crude oil trade was disrupted. "It can spike crude oil prices," he added.

Babushkin said, “We have so far managed to address the issue of trade. The call of President Vladimir Putin made to PM Narendra Modi means India matters very much, we are sharing everything. We have comprehensive agenda — it covers trade, energy, nuclear power, investment.”

Babushkin said, “We are looking at $100 billion by 2030 and removing barriers in trade. We will develop our payment and transaction mechanism."

Asked how Russia would deal with tariffs imposed by the US, Griva said there were different mechanisms. Payments in Rupee-Rouble become safer and have resisted the pressure, he said.