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Published: 09:52, September 14, 2022 | Updated: 11:58, September 14, 2022
Putin to meet India's Modi to boost trade, food supplies
By Reuters
Published:09:52, September 14, 2022 Updated:11:58, September 14, 2022 By Reuters

Russian President Vladimir Putin (left) and Indian Prime Minister Narendra Modi greet each other before their meeting in New Delhi, India, Dec 6, 2021. (MANISH SWARUP / AP)

MOSCOW - Russian President Vladimir Putin and Indian Prime Minister Narendra Modi will meet in Uzbekistan on Friday and discuss trade as well as sales of Russian fertilizers and mutual food supplies, the Kremlin said on Tuesday.

"There are plans to discuss issues of 'saturation' of the Indian market with Russian fertilizers and bilateral food supplies," it said in its handout of materials for the meeting.

India's fertilizer imports from Russia rose to US$1.03 billion in April-July compared to US$773.54 million in the whole of the last fiscal year to March 31, 2022, according to the Indian commerce ministry's website

The meeting will be held on the sidelines of a summit of the Shanghai Cooperation Organization, a regional security bloc.

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"First of all, moves, aimed at boosting bilateral trade flows, will be looked at. The trade turnover reached US$11.5 billion in the first half of 2022, up almost 120 percent year-on-year," the Kremlin said.

India's fertilizer imports from Russia rose to US$1.03 billion in April-July compared to US$773.54 million in the whole of the last fiscal year to March 31, 2022, according to the Indian commerce ministry's website.

India is looking for a three-year fertilizer import deal with Russia.

Attempts to sign a long-term fertilizer import deal earlier this year were hit by the challenging geopolitical situation after Russia launched what it calls its "special military operation" in Ukraine on Feb 24.

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Refiners in India, the world's third biggest oil importer and consumer, have been snapping up discounted Russian oil, shunned by some western countries and companies.

The Group of Seven countries is working to cap the price of Russian oil from Dec 5 in an attempt to cut the price Russia receives for oil without reducing its petroleum exports to world markets.

Oil minister Hardeep Singh Puri last week said India would examine the issue when more details are available. He also said many conversations and proposals were taking place and "we will see who is participating" in the price cap mechanism.

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