Russia Assures India of Steady Oil Flow, Eyes Putin-Modi Talks

Russia will maintain uninterrupted crude supplies to India through what it calls a “very, very special mechanism,” Roman Babushkin, the chargé d’affaires at Moscow’s embassy in New Delhi, told reporters on Wednesday. He said the arrangement already allows the Nayara Energy refinery to receive direct shipments from Rosneft despite Western sanctions that have squeezed Russian oil sales elsewhere. The diplomat added that roughly 90% of India-Russia trade is now settled in a rupee-rouble mechanism and that “all Russian companies” operating in India accept payment in the local currency. Deputy Trade Representative Evgeniy Griva forecast bilateral commerce to expand about 10% a year. Babushkin also confirmed plans for President Vladimir Putin to visit New Delhi for talks with Prime Minister Narendra Modi before year-end, although dates have not been set. The assurances on energy flows come as Washington prepares to levy an additional 25% tariff on Indian exports on Aug. 28 in response to New Delhi’s continued purchases of Russian crude, and after the European Union sanctioned the Rosneft-backed Nayara refinery.