The remarks by the Russian President were made at an event, Russia Calling, in Moscow, on Thursday.

It may be recalled that Rupee-Ruble trade since the Ukraine conflict has faced obstacles due to accumulation of Rupees by the Russian side in India. However, the process has smoothened to an extent over the past few months. Attempts are also being made to smoothen the payment transfer mechanism which was impacted by sanctions after the war.

The Russian President also called for increasing mutual investments in pharmacy, manufacturing and industry and referred to sharp increase in India-Russia bilateral trade since 2022 and hailed India’s energy purchases from Russia despite external pressure. Putin also referred to INSTC and Northern Sea Route via the Arctic as effective connectivity initiatives to increase Indo-Russian trade.

Hailing PM Narendra Modi, Putin said, “Relations between Russia and India are constantly developing in all directions and the main guarantee of this is the policy of PM Modi.”

Putin says he is often “surprised” by Modi’s tough stance on national security. “To be honest, sometimes I am surprised by his tough stance on protecting the national interests of the Indian people,” he said.The Russian president noted that he cannot imagine the PM being “forced or intimidated” to take a decision. “I cannot imagine that Modi can be intimidated, threatened or forced to take any action or decision against the national interest of India. I know there is such pressure on them,” he added.In October, Putin had lauded the G20 summit hosted by India as Modi’s unqualified success. “PM Modi was able to depoliticise the decisions adopted at the G20 and that was the right way,” Putin had said at key foreign policy forum Valdai Club in Sochi. “G20 was created to discuss economic issues, not political ones. Indian leadership prevented politicisation.”