External Affairs Minister (EAM) S. Jaishankar will visit Russia from December 25-29, the first such trip since the Ukraine crisis erupted². The visit is a crucial opportunity for India to advance its strategic and economic interests with a key partner. Jaishankar will hold talks with Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov, and Russian Foreign Minister Sergey Lavrov.

Strengthening Economic Ties

One of the main objectives of the visit is to enhance economic cooperation between India and Russia. Jaishankar and Manturov will explore ways to boost trade and investment, improve transport and logistics, facilitate the use of national currencies in bilateral transactions, and collaborate on promising projects in the energy sector².

India-Russia trade has soared in recent years, reaching $10.11 billion in 2020-21, a three-fold increase from 2017-18². India’s oil imports from Russia have also surged, making Russia the top oil supplier to India in October 2020, ahead of Saudi Arabia and Iraq².

Playing a Mediating Role

Jaishankar’s visit comes at a time when tensions between Russia and Ukraine are escalating over the disputed Donbass region. India has maintained a balanced stance on the issue, refraining from voting against Russia in the UN resolutions on the conflict. This has earned India the respect and gratitude of Moscow.

India may use its goodwill and influence to play a mediating role between Russia and Ukraine, and help defuse the crisis. India has a strong interest in preserving peace and stability in the region, as it affects its energy security and connectivity projects.

Enhancing Multilateral Cooperation

Jaishankar will also discuss cooperation in various multilateral forums, such as the UN, the Shanghai Cooperation Organisation (SCO), the G-20, and the Russia-India-China (RIC) trilateral dialogue. India and Russia share common views on many global issues, such as counter-terrorism, climate change, nuclear disarmament, and reform of the international institutions.

India and Russia can work together to promote a multipolar world order, based on mutual respect and cooperation. They can also coordinate their positions on regional issues, such as Afghanistan, Iran, and the Indo-Pacific.

To sum up, EAM Jaishankar’s visit to Russia is a vital diplomatic initiative that can bolster India’s interests in various domains. The visit can strengthen the economic partnership, pave the way for a possible mediation role, and enhance the multilateral cooperation between the two countries. The outcomes of the visit will have a significant impact on the regional and global dynamics.