“Trade Imbalance” and More: Jaishankar Explains PM Modi’s Russia Visit

India’s External Affairs Minister S Jaishankar recently shed light on Prime Minister Narendra Modi’s visit to Russia, addressing concerns about the potential impact of the ongoing Ukraine conflict on bilateral relations.

The visit, which took place in May 2023, was crucial for maintaining the strategic partnership between India and Russia, despite global pressures. While acknowledging the “issues” like a trade imbalance, Jaishankar emphasized the enduring strength of the relationship.

Here’s a breakdown of key takeaways from Jaishankar’s statements:

• Balancing Act: Jaishankar acknowledged the complexity of the geopolitical landscape and India’s need to maintain a balanced approach. While India has condemned Russia’s invasion of Ukraine at the UN, it has also refrained from joining Western sanctions.

• Trade Concerns: The minister highlighted the trade imbalance, with India’s imports from Russia significantly exceeding exports. He pointed out that India is working to address this imbalance by diversifying its energy sources and exploring new areas of cooperation.

• Energy Security: Jaishankar emphasized the importance of energy security for India. While Russia remains a key supplier of oil and gas, India is actively seeking alternative sources, including from other countries like the US and Australia.

• Strategic Partnership: Despite challenges, Jaishankar reaffirmed the strong strategic partnership between India and Russia. This partnership encompasses defense cooperation, space exploration, and nuclear energy.

The visit underscored the importance of India’s strategic autonomy in a world facing geopolitical shifts. While India is open to strengthening ties with Western countries, its historical relationship with Russia remains a cornerstone of its foreign policy.

Here are some key figures that illustrate the depth of India-Russia relations:

• Defense Cooperation: India relies heavily on Russian weaponry, with over 70% of its military equipment sourced from Russia.

• Energy Trade: Russia is India’s second-largest supplier of crude oil, accounting for about 10% of India’s total imports.

• Investment Flows: Russia has invested heavily in India’s energy sector, with significant stakes in oil and gas companies.

Looking Ahead: PM Modi’s visit to Russia has paved the way for further collaboration in areas such as technology, agriculture, and infrastructure development. As the world grapples with uncertainty, India’s relationship with Russia will continue to evolve, reflecting a complex balance of interests and strategic priorities.

Keywords: Russia, PM Modi, India, S Jaishankar, Ukraine, Trade Imbalance, Energy Security, Strategic Partnership, Geopolitics, Foreign Policy, Defense Cooperation, Investment, Oil, Gas.