Russian President Vladimir Putin yesterday held talks with Indian Prime Minister Narendra Modi as sanctions-hit Moscow seeks to strengthen energy, defense and strategic ties in Asia.
Putin is looking to advance nuclear power, oil, natural gas and even diamond deals with longstanding ally India, on his first visit since Modi came to power in May.
Putin is seeking new markets for Russia’s natural resources as its economy reels under US and EU sanctions following its backing of an uprising in Ukraine and the annexation of Crimea.
Photo: AFP
Putin and Modi shook hands and smiled for the cameras on the steps of a former palace in New Delhi before heading inside for talks.
“He [Putin] wants to show the world that he isn’t isolated and to a certain extent he’s not — he still has the BRICS countries,” said Nandan Unnikrishnan, a senior fellow with Delhi-based think tank the Observer Research Foundation, referring to the emerging economies of Brazil, Russia, India, China, and South Africa. “India now is all about development and it’s looking to Russia to share its technology on military hardware for making here.”
Putin is expected to focus on boosting bilateral trade, which stands at just US$10 billion per year despite strong ties that date back to the 1950s after the death of former Soviet leader Josef Stalin.
Since coming to power, Modi has sought closer ties with US President Barack Obama, who has accepted an invitation to join India’s Republic Day celebrations next month.
However, India opposes joining Western sanctions against Russia, and is likely to disregard a caution from Washington that now is not the right time to do business with Moscow.
The acting president of Crimea Sergei Aksyonov was also holding unofficial talks yesterday with business leaders in Delhi, a move likely to upset Washington.
Aksyonov, a Kremlin loyalist, was meeting the business leaders at an upscale hotel, a move aimed at “widening business contacts and deepening economic cooperation” between Crimea and India, a Russian embassy statement said.
Russia, which has the world’s second-biggest natural gas reserves, canceled a US$50 billion South Stream pipeline meant to pump gas to Europe without going through Ukraine.
However, Putin has poured cold water on a proposed pipeline pumping gas to India, saying it might not be cost effective, instead emphasizing current arrangements to ship liquefied natural gas in tankers.
Russia has supplied two nuclear reactors to a plant at Kudankulam in southern India under a long-delayed agreement, and is set to push to supply more under deals signed in 2010 and 2008.
Russia also wants advancement on long-delayed projects to develop a fighter jet and an aircraft carrier. Russia has traditionally supplied 70 percent of India’s military hardware, but figures show that the US overtook Russia this year to become the No.1 seller.
Putin is also meeting with Indian President Pranab Mukherjee and attending the World Diamond Conference, with both sides keen on ramping up direct exports to India.
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