External Affairs Minister (EAM) S Jaishankar has arrived in Moscow on a two-day visit to Russia. He scheduled to meet the Deputy PM of the Russian Federation and the Minister of Trade & Industry Denis Manturov.
As the Russia-Ukraine war continues—it has been 258 days of death and destruction—EAM S Jaishankar has arrived in Moscow for a two-day visit, during which he is scheduled to meet the Deputy Prime Minister of the Russian Federation, the Minister of Trade and Industry Denis Manturov, and the Russian Foreign Minister Sergei Lavrov.
This is EAM S Jaishankar’s first visit to Russia after Russian leader Vladimir Putin led his country into a war with Ukraine. Jaishankar last visited Russia in July 2021, followed by the Russian Foreign Minister’s visit to New Delhi in April this year.
EAM S Jaishankar’s visit assumes significance as it comes days before the G20 summit in Bali on November 15-16. This will be the first time that Western leaders, including US President Joe Biden and Vladimir Putin, will be in the same room.
Moreover, the foreign minister’s visit comes after Vladimir Putin has twice praised India and Prime Minister Narendra Modi over the past few weeks—for India’s talented population and the independent foreign policy he has chosen. There is speculation that Jaishankar’s visit is an attempt to mediate between Russia and Ukraine.
EAM S Jaishankar purpose of the visit
On EAM S Jaishankar’s arrival in Moscow, Russia’s foreign ministry said that the visit would focus on trade and investment, the use of national currencies for trade, energy projects, and the formation of a security architecture in the Asia-Pacific region.
Jaishankar and Lavrov are expected to discuss bilateral relations between the two countries, emphasizing oil imports.
The three main focuses of this visit are oil, currency, and energy. –
- Oil– since the war started between Russia and Ukraine, Western countries have had Russian crude, a move that India has not followed.
According to the latest figures, Russia is now India’s biggest oil supplier, surpassing Saudi Arabia, and Iraq to 43,400 barrels per day (bpd), which accounted for just 0.2% of total exports last year. 9,35,556 bpd which is around 22% of the total intake this year.
- Currency used in trade– In the wake of the war between Russia and Ukraine, the European Union banned global transactions with Russian entities using euro-denominated banknotes, while the US cut Russia’s access to the US dollar.
In such circumstances, India and Russia are looking to revive the rupee-ruble payment mechanism to settle dues. The idea was first visualized in 1953 under the Indo-Soviet trade agreement. It will enable India to continue its import-export relationship with Russia.
According to the Commerce Department, India imported goods worth Rs. 64,623 crores from Russia in 2021-2022, an increase of 59.04% over the previous year. In addition, India’s exports to Russia will total Rs 23,658 crore in 2021-2022, which is a 20.4% growth since last year.