Modi’s visit to Moscow timely, say experts
- it will also be a signal to Western countries, including the U.S. and Europe, that the PM intends to continue to ‘balance’ India’s relations, two years since the Russia-Ukraine conflict began
KEY HIGHLIGHTS
- The Modi-Putin talks are expected to focus on the rise in India-Russia trade due to India’s import of oil
- smoothing out payment issues arising from Western sanctions, building on previous conversations on the Chennai-Vladivostok maritime route
- and concluding the Reciprocal Exchange of Logistics Agreement (RELOS) agreement that will pave the way for more defence exchanges.
- It will be Modi’s first visit to Moscow since 2015 and marks a return to the decades-old annual India-Russia summit format.
- The PM’s visit, which is likely to be his first bilateral visit abroad in his third term, would place Russia on a par with India’s closest neighbours that have normally been the destination of first visits by Indian Prime Ministers.
- India, as China, had made a “choice” to deal with Russia in national currencies, adding that about 60% of the India-Russia trade was now settled in them
- despite the fact that China and India are engaged economically with Western countries that have sanctioned Russia.
- Officials said India and Russia are discussing increased investments in the Chennai-Vladivostok maritime corridor and in Siberia
- while India wants to source minerals from Russia. Issues that need to be sorted include insurance, and negotiating with ports in between for transit, there may be some issues with ports in China.
- The route presents a more effective option than the International North–South Transport Corridor or other options, the source added.
Prelims Takeaway
- NSTC