Russia hopes to revive RIC, criticises US threat of sanctions against India
'RIC's importance has never been questioned. When the right time comes, it will resume. Russia hopes that it will happen sooner rather than later. As you know, Russia is a sincere well-wisher of the normalisation of India-China relations, which is why we welcome the very successful visit of Chinese Foreign Minister Wang Yi to India,' Babushkin said.
New Delhi: The Russia-India-China (RIC) trilateral forum will be resumed 'when the right time comes,' said Roman Babushkin, the Russian chargé d'affaires, at a press briefing Wednesday. The Russian diplomat also criticised the US for imposing sanctions, declaring that 'friends don't behave like that.'
India imported roughly $56 billion worth of Russian oil in the last financial year (2024–25). Russian oil accounts for almost 40 per cent of India's total crude requirement. While the US has criticised these purchases, New Delhi has maintained that it will continue importing crude according to market realities.
Since the war in Ukraine began, Russia has replaced Saudi Arabia and Iraq as the largest exporter of oil to India. Russian oil has been sold at below $60 a barrel since G7 member states introduced a price cap at the end of 2022.
The press briefing by the Russian Embassy coincided with External Affairs Minister S. Jaishankar's visit to Moscow. Jaishankar landed in Russia Tuesday evening and will co-chair the twenty-sixth session of the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). He will also hold a bilateral meeting with his Russian counterpart Sergey Lavrov before returning to India Thursday.
Babushkin criticised the US for imposing primary and secondary sanctions, calling them a 'tool of unlawful competition' and 'always about double standards.' 'Friends don't behave like that. You would never see sanctions imposed by Russia or within BRICS, where we participate together,' the envoy added.
The Russian chargé d'affaires called sanctions outside the United Nations system illegal. Evgeny Grive, deputy trade representative at the Russian Embassy, also present at the briefing, said external pressures such as sanctions had led to a rise in trade using national currencies.
'We see that after such pressure [sanctions], there is an increase in cooperation, especially in the financial sphere. Payments in rouble and rupee become more and more reliable when you can expect blackmail. The trend is that more pressure leads to more cooperation,' Grive said.
Trump has railed against BRICS (Brazil, Russia, India, China, South Africa and five other countries), describing it as an 'anti-American' grouping. The US president has highlighted discussions on de-dollarisation among some members as proof of the organisation's anti-US stance. However, India has maintained that de-dollarisation is not on the BRICS agenda.
New Delhi in recent years has pushed for trade in local currencies. The rupee-rouble arrangement hit troubled waters a couple of years ago when Russian Foreign Minister Sergey Lavrov said Moscow held billions of rupees, which was a 'problem.'
Babushkin also said Russia is India's 'partner of choice' in defence, signalling a willingness to help New Delhi develop its own jet engine. He pointed to past joint projects, including the Sukhoi Su-30 and BrahMos supersonic missile.
Chinese Foreign Minister Wang Yi departed New Delhi for Kabul Wednesday morning after a three-day visit to India. His visit included meetings with senior Indian leaders such as Prime Minister Narendra Modi, National Security Adviser Ajit Doval and External Affairs Minister S. Jaishankar. The thaw in ties between India and China has led to several bilateral mechanisms being re-engaged by the two sides.
Also Read: Russia-India oil trade to continue, Putin to meet Modi in Delhi by end of year, says embassy official
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