Energy Power Play: Russia Offers To Step Up Oil Supply To India After Talks With PM Modi

As tensions ripple across West Asia amid the ongoing Iran conflict, Russia has stepped in with an offer to ramp up oil and natural gas supplies to India, positioning itself as a reliable alternative as traditional supply routes linked to Iran face trouble. The proposal came during high-level talks between First Deputy Prime Minister Denis Manturov and Prime Minister Narendra Modi. Manturov on Thursday called on Prime Minister Modi and discussed ways to strengthen bilateral ties in areas of investment, energy and industrial cooperation. Manturov, on a two-day visit to India, also held talks with External Affairs Minister S Jaishankar and National Security Advisor Ajit Doval. "Particular attention was paid to further strengthening Russia-India

trade, economic, investment, energy and industrial cooperation," it said on social media.

India has already increased its crude oil purchases from Russia in March, with imports rising 90% compared to February. This happened even as the country’s overall oil imports dropped by nearly 15%, mainly due to disruptions in energy supplies from the Middle East, a TOI report said. The disruption in the Strait of Hormuz, a crucial global energy route, also caused a 40% decline in India’s LPG (cooking gas) imports and reduced LNG (natural gas) shipments. As a result, India had to look for alternative sources of energy.Also Read: Bridges Today, Power Plants Next? Trump Drops Explosive Warning For Iran, Says 'We Haven't Even Started'

India and Russia strengthen bilateral ties amid Iran war

In their meeting, Doval and Manturov were learnt to have discussed bilateral defence cooperation besides the evolving regional security situation. The Russian embassy said Modi and Manturov discussed "specific steps to implement agreements reached" during the India-Russia summit held in December last, PTI reported. The Russian first deputy PM's visit to New Delhi comes days after India cleared procurement of a fresh batch of five S-400 missile systems from Russia. The decision to procure the additional batch of five S-400 air defence missile systems was taken against the backdrop of the missile system proving its capability during Operation Sindoor. The missile system played a crucial role in India's dominance over Pakistan during the May 7-10 hostilities last year.In October 2018, India had signed a USD 5 billion deal with Russia to buy five units of S-400 air defence missile systems, notwithstanding a warning by the US that going ahead with the contract may invite US sanctions under the provisions of Countering America's Adversaries Through Sanctions Act (CAATSA). Three squadrons have already been delivered.It is learnt that both sides also reviewed the implementation of decisions taken at the summit talks between Prime Minister Modi and Russian President Vladimir Putin in last December.(With PTI inputs)