Muristek
UK Foreign Ministers Sergei Lavrov to discuss supply of commodities, defence trade
New Delhi, March 29
New Delhi will play host to Russian and UK Foreign Ministers Sergei Lavrov and Liz Truss, respectively, who are on the opposite sides in the conflict in Ukraine. Lavrov and Truss will arrive here on Thursday.
Gas supply to europe at risk
London: Russia said it would work out practical arrangements by Thursday for foreign companies to pay for its gas in roubles, raising the probability of supply disruptions. European nations have so far rejected Moscow's demand for a currency switch. Reuters
Not for free
No one will supply gas for free, it is simply impossible, and you can pay for it only in roubles. Dmitry Peskov, Kremlin spokesperson
This is the first high-level visit to India from Moscow after it launched its military incursion on February 24 and reflects the close need for consultations to keep their defence and commodities trade afloat in the face of wide-ranging US-led sanctions. Truss will arrive here after announcing 65 new sanctions against several Russian strategic industries and individuals, including Lavrov's stepdaughter Polina Kovaleva.
Sources said talks with Lavrov would centre on an alternate trade payments system for the smooth supply of a range of commodities, including gas, oil and fertilisers.
The Ukraine conflict has led to India paying a steep price for all three commodities. There is also a question mark on their smooth and unhindered shipments. India will also be keen to avoid disruption in the supply of defence spares, ongoing work on two nuclear plants and defence joint ventures at the take-off stage such as the one to make AK-203 rifles in UP.
After the Ukraine conflict, India has bought 130 lakh barrels of Russian oil at heavy discount as against 160 lakh barrels all of last year. India also wants to cash in on heavy discounts on Russian coking coal and sunflower oil as well as allow Russia to invest outstanding payments of over Rs 2,000 crore for defence supplies in corporate masala bonds.