Key Points

Speaking at the Valdai Discussion Club in Sochi, Putin praised Prime Minister Narendra Modi as a "balanced and wise leader" and emphasised the unique bond between the two countries.

Putin dismissed any political motivation behind India's purchase of Russian crude oil, asserting that it is driven purely by economics.

"There is no political aspect here... If India refuses our energy supplies, it will suffer certain losses. Estimates vary; some say it could be around $9-10 billion. But if it doesn't refuse, sanctions will be imposed, and the loss will be the same. So why refuse if it also carries domestic political costs?" he said.

Putin further expressed confidence in India's resilience and its refusal to bend under external pressure, saying, "Of course, the people of a country like India, believe me, will closely monitor the decisions made by the political leadership and will never allow any humiliation in front of anyone. And then, I know Prime Minister Modi; he himself would never take any steps of this kind."

These remarks come shortly after US President Donald Trump, during a speech at the United Nations General Assembly, accused India and China of being major financial supporters of the Ukraine war by continuing oil purchases from Russia.

In retaliation, the US slapped a 25 per cent additional tariff on Indian goods in August, effectively raising the total duty to 50 per cent.

Putin also underscored the long-standing diplomatic relationship between Russia and India, highlighting historical ties that date back to India's independence movement.

"In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it... We have never had any problems or interstate tensions with India. Never," he said.

Referring to Prime Minister Modi as a friend, Putin noted their comfortable and trustworthy relationship, calling him a "balanced, wise" and "nationally oriented" leader.

Addressing the ongoing trade imbalance between Moscow and New Delhi, Putin acknowledged the need to diversify imports from India.

"More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals... We need to solve a whole range of tasks to unlock our opportunities and potential advantages," he said, pointing to financing, logistics, and payment issues as key challenges.

He also noted that the special strategic partnership between India and Russia is approaching its 15th anniversary, reaffirming the importance of close coordination in their bilateral ties.

- IANS