India-Russia Agreement Provides Stability To Global Fuel Market: PM Modi

Prime Minister Narendra Modi held a bilateral meeting with Russian President Vladimir Putin on Tuesday, where he praised the fuel agreement between the two countries for contributing to global market stability. Highlighting the enduring India-Russia relationship, PM Modi noted that he has met President Putin 17 times over the past decade.

Despite sanctions imposed on Russia by Western countries following the Russia-Ukraine conflict that began in 2022, India has continued to purchase oil from Russia to keep domestic prices stable. PM Modi emphasized the importance of this cooperation, stating, “There was a great challenge of fuel before the world. 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.”

PM Modi expressed gratitude to President Putin for supporting the ‘Make in India’ initiative and enhancing manufacturing opportunities in India. “As a friend, you have praised our ‘Make in India’ initiative at multiple forums…you have also taken steps to promote manufacturing in India. This has created new opportunities for youth and opened new arenas of development,” he said.

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The Prime Minister also highlighted the crucial role of India-Russia cooperation in preventing a fertiliser crisis for Indian farmers during challenging times. “The last five years were very concerning, challenging for the entire world, and all of humankind. We had to go through several problems. First, due to COVID and later the era of conflicts and tensions in various parts caused several issues for humankind,” PM Modi stated. “Even in such a situation, when the world was facing a food-fuel-fertiliser crisis, due to India-Russia friendship and cooperation, we did not let the farmers of our country face a crisis of fertiliser…Our friendship has played a huge role towards this. We are committed to the interest of farmers. In the days to come, we would want our cooperation with Russia to further advance in the interest of farmers,” he added.

Reflecting on the deep ties between India and Russia, PM Modi pointed out that his visit to Russia is being closely watched worldwide. “I have had ties with Russia as well as you (Putin) since the past two-and-a-half decades. In about 10 years, we have met 17 times. In the last 25 years, we have had around 22 bilateral meetings. This reflects the depth of our relations,” he said. “The bilateral dialogue between our two nations happens every year. We have met 22 times. But this meeting is such that the world is focused on it, and drawing meanings out of every element of this meeting,” he added.

PM Modi also appreciated the open discussions with President Putin regarding the Ukraine conflict. “I am happy that we were able to openly lay our thoughts on the Ukraine issue, were able to discuss it and tried to understand each other’s opinion with due respect,” he said. “India is ready to provide all necessary support in achieving peace. I am happy to hear your positive thoughts…I would like to assure you as well the world that India is on the side of peace. A hope has emerged in me after listening to President Putin. I thank you a lot for this,” he concluded.