On the sidelines of the SCO Summit in Tianjin, China, Prime Minister Narendra Modi and Russian President Vladimir Putin held a significant bilateral meeting. Discussions focused on navigating the impact of Trump administration tariffs imposed on India for purchasing Russian oil. A key point of conversation was the establishment of a rupee-ruble payment mechanism to bypass sanctions and facilitate trade, particularly for India’s substantial oil and defence imports. The leaders addressed the trade imbalance, which is highly disadvantaged to India, and explored Russia becoming a market for high-quality Indian products. This meeting reaffirms the historical and strategic relationship between the two nations, with India consistently maintaining that "this is not an era of war." The talks also covered defence cooperation, including joint production under ‘Make in India’ initiatives, and a shared goal to increase bilateral trade from $65.7 billion in FY ’24 to $100 billion by 2030.
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