Russia Makes a Fool of Biden

During a private conference in Delhi on Friday, Russian Foreign Affairs Minister Sergei Lavrov agreed to give Indian Prime Minister Narendra Modi substantial oil discounts.

They Hold the Leverage

Russia is seeking relief from global penalties imposed in the aftermath of its annexation of Ukraine in the previous month.

Meanwhile, oil-hungry India is one of the few countries that has failed to denounce the attack.

India is exploring a Russian offer to buy oil via “rupee-ruble valued payments” conducted through the Russian state bank’s System for Transmission of Financial Messages (SPFS) transactional system, according to Bloomberg News.

The global SWIFT financial communications system, from which Moscow was temporarily blocked in the middle of March, is conceptually similar to SPFS.

 

According to reports, Russia’s plan also contains a link between both the payment solutions used by Indian as well as Russian banks for credit and debit cards.

This is an approach that would assist Russia to cope with the loss of Visa and Mastercard capabilities.

On Friday, Lavrov stated that Russia “admires” India’s refusal to see the incursion of Ukraine from a “one-sided” perspective.

According to India’s WION News, Russia’s gratitude was demonstrated through “severe reductions on direct oil sales” savings of up to $35 per barrel, compared to Russia’s rates a month earlier.

Analysts told WION that even if a deal is reached, India’s factories are “not arranged to acquire a lot of Russian oil,” so trade volume is unlikely to increase significantly in volume.

India Betrays the West

The topic for Lavrov’s talks with [Indian Foreign Affairs minister S.] Jaishankar and Modi is fairly private, according to the Times of India.

The Department of Foreign Affairs published a media advisory about Lavrov’s visit, but it did not indicate any discussion between the Russian foreign affairs minister and the [Indian] head of state.

After a two-day trip to Beijing, Russia’s foreign minister entered India.

His trip to India overlaps with those of US Deputy Director of National intelligence Daleep Singh, as well as British Foreign Minister Liz Truss, both of whom were unable to meet with Prime Minister Narendra Modi.

The other week, Chinese Foreign Minister Wang Yi paid a visit to Delhi, but he was unable to meet with Prime Minister Modi.

Truss was clearly dissatisfied with the situation. On Thursday, she had “an unexpectedly sharp discussion” with Jaishankar about India buying cheap Russian oil, according to the Indian Express.

“India is a self-governing country. I’m not going to teach India how to live her life. What I’ve said is that as a part of the UK government that accepted the Budapest Declaration, I have a significant duty on account of the UK.”

“I have a duty to do all possible to take care of the people of Ukraine, but that isn’t the same as directing other nations what to do,” Truss added.

Recent