India-Russia Fuel agreement Praised by PM Modi for Stabilizing Global Market

Prime Minister Narendra Modi met with Russian President Vladimir Putin on July 9th in Moscow. During their bilateral meeting, PM Modi highlighted the importance of the India-Russia fuel agreement, crediting it with bringing stability to the global market amidst ongoing challenges.

Long-Standing India-Russia Ties Highlighted

PM Modi emphasized the strong relationship between India and Russia, pointing out that he has met with President Putin 17 times in the past decade. This focus on established ties comes as Western nations continue sanctions on Russia following the Ukraine conflict in 2022. India, citing national interests and domestic price stability, has continued to purchase oil from Russia.

Fuel Agreement's Impact on Global Market

"There was a great challenge of fuel before the world," Prime Minister Narendra Modi stated. He expressed his appreciation for Russia's role in mitigating this challenge, adding, "At a time like this, with your cooperation, we were able to save the common public from difficulties pertaining to petrol-diesel. Not only this, the world will have to accept that the agreement regarding fuel between India and Russia, indirectly gave market stability in the world."

While some have criticized India's continued oil imports from Russia, PM Modi's statement suggests the agreement may have helped ease global market pressures.

Beyond Fuel: Cooperation Extends to Manufacturing and Fertilizers

PM Modi also expressed gratitude to President Putin for supporting India's "Make in India" initiative. He highlighted how Russia's involvement has fostered new opportunities in manufacturing and development for Indian youth.

Furthermore, PM Modi emphasized the positive impact of India-Russia cooperation on fertilizer supplies. He noted that this collaboration ensured Indian farmers did not face fertilizer shortages during a period of global food and resource insecurity.

India Reiterates Commitment to Peace Efforts

The meeting also addressed the ongoing conflict in Ukraine. PM Modi expressed his appreciation for open discussions on the issue and India's continued commitment to supporting peace efforts. He stated, "India is ready to provide all necessary support in achieving peace."

Conclusion

Prime Minister Modi's visit to Russia underscores the enduring partnership between the two nations. The India-Russia fuel agreement emerged as a key point of discussion, with PM Modi crediting it for fostering stability in the global market amidst supply chain disruptions.

Beyond fuel, the meeting highlighted areas of continued cooperation, including India's "Make in India" initiative and ensuring fertilizer security for Indian farmers. The leaders also acknowledged the ongoing conflict in Ukraine, with PM Modi reiterating India's commitment to peaceful resolutions.

This high-level meeting signals India and Russia's intent to navigate the complexities of the global landscape while furthering their strategic partnership. The true long-term impact of the fuel agreement on global markets and the trajectory of the Ukraine conflict remain to be seen. However, this visit serves as a testament to the enduring ties between India and Russia.