Russian oil continues to flow to India: First Deputy PM Manturo

Russian oil and energy resources continue to flow to India as Moscow sees potential for LNG exports, Russia’s First Deputy Prime Minister Denis Manturov said on Wednesday (August 20).”We continue to ship fuel, including crude oil and oil products, thermal and coking coal. We see potential for exporting Russian LNG,” Manturov said, co-chairing the 26th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific-Technological and Cultural Cooperation (IRIGC-TEC).

From the Indian side, the commission was co-chaired by External Affairs Minister S Jaishankar, who arrived here on Tuesday on a three-day visit.

”We expect to expand comprehensive cooperation in the peaceful nuclear sector, including on the basis of the successful experience of the Kudankulam NPP construction project,” the Russian leader said.Manturov noted that trade between Russia and India in national currencies has exceeded 90%.

”An equally important task, especially in the current realities, is to ensure seamless mutual settlements. We have already managed to transfer more than 90% of payments between Russia and India to national currencies,” Manturov said.

India and Russia will continue to develop cooperation in the banking sector to further strengthen interbank cooperation and interaction in the insurance sector, he added.
Also Read: IKEA’s new ‘barn’ format may reshape retail in India with 100-store rolloutAfter the meeting, Jaishankar in a social media post said, “We had detailed discussions on our cooperation in a wide-ranging arena including trade & economic sector, agriculture, energy, industries, skilling, mobility, education and culture.” “As we prepare for the Annual Leaders Summit, confident that the outcomes of the IRIGC-TEC meeting today will further drive the time-tested India-Russia partnership,” he added.

Jaishankar and Manturov signed the protocol of the IRIGC-TEC sessions; details of which would be released later by the governments in New Delhi and Moscow.

Earlier, Jaishankar laid wreaths at the Tomb of Unknown Soldier at the Kremlin Wall to pay homage to Soviet people who died in World War II.

He also met with experts of top Russian think-tanks to explain recent developments in India’s foreign policy.

Before leaving for home on Thursday, he will meet his Russian counterpart Sergei Lavrov to discuss current issues amid the global turmoil and Trump administration’s sanctions on India.

Lavrov and Jaishankar will also set the agenda for President Vladimir Putin and Prime Minister Narendra Modi’s meeting on the sidelines of the Shanghai Cooperation Summit in China from August 31 to September 1.

The relations between New Delhi and Washington are on a downturn after US President Donald Trump doubled tariffs on Indian goods to a whopping 50%, including a 25% additional duties for India’s purchase of Russian crude oil that will come into effect from August 27.

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