India's Jaishankar meets Putin, Lavrov in Russia, hails trade ties

India's foreign minister has met with Russian President Vladimir Putin, who said relations between the countries are progressing even amid turbulent times.

Subramanyam Jaishankar's meeting was part of a five-day visit. At the start of the meeting on Wednesday, Putin said he would inform the Indian diplomat about the fighting in Ukraine, on which Indian Prime Minister Narendra Modi has held a neutral stance.

"I know about his desire to do everything to resolve this problem through peaceful means,” Putin said.

India is increasingly important to Russia as a market for oil exports, the backbone of its economy, as Western sanctions curtail oil shipments.

"It is very important to make our trade interaction more sustainable. We need to think about how to achieve this," Jaishankar said, according to a Kremlin transcript of the meeting's opening.

Jaishankar also met with Russian counterpart Sergey Lavrov, who said they discussed "the prospects for military-technical cooperation, including the joint production of modern types of weapons."

India's foreign minister praised the "all-time high" trade turnover between the two countries, which he said exceeded $50 billion last year.

"We expect to exceed that this year. And what is important is that this trade is more balanced, it is sustainable, and it provides for fair market access," he said.

Russia redirects major oil exports from Europe to China, India

Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak said on Wednesday, almost two years after Moscow was hit by Western sanctions over the Ukraine conflict.

"We previously supplied a total of 40 to 45 percent of oil and oil products to Europe," said Novak on Wednesday, who is in charge of energy policy.

"This year, we expect the figure not to exceed four to five percent of total exports," Novak said in a televised interview.

After President Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a European Union embargo on its seaborne oil deliveries.

As it was losing much of its market share in Europe, Moscow pivoted to other buyers including China.

"China whose share (of oil exports) has grown to 45-50 percent and India have become our main partners in the current situation," Novak said.

India, which previously received almost no shipment, has become a major buyer.

"In two years the total share of supplies to India has increased to about 40 percent," Novak said.

India has been able to snap up discounted crude from Russia before refining it and selling it to European customers, reports say.