NEW DELHI — India’s External Affairs Minister, S Jaishankar, is scheduled to travel to Russia to co-chair the 27th India-Russia Inter-Governmental Commission meeting on trade, science, technology, and culture.
According to a statement released by the Indian foreign ministry on Saturday, the two-day visit is set to begin on August 23. During the trip, Jaishankar is scheduled to meet with his Russian counterpart, Sergey Lavrov, to hold discussions on various regional and global issues.
The diplomatic visit takes place at a time of shifting international trade dynamics, following a threat by US President Donald Trump to impose a secondary 100 per cent tariff on nations purchasing oil, gas, and uranium from Russia.
India, which has been importing Russian oil following the onset of the Ukraine war, initially reduced its crude imports to avoid potential higher tariffs while negotiating a trade deal with Washington. However, dependence on Russian crude subsequently rose following the Middle East conflict.
According to trade data, shipments from Russia surged to a record high in July, accounting for 50.83 per cent of total imports by India, which remains the third-biggest oil buyer and consumer globally.
"Geopolitical developments and shifting international trade policies directly impact cross-border commerce, energy security, and corporate supply chains. For businesses operating in global markets, staying informed about macroeconomic shifts and trade tariff negotiations is critical for long-term strategic planning and risk management." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
