# Russia’s Putin, India’s Modi to discuss trade, food supplies on Friday Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-09-14 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Putin and Modi to Discuss Trade, Fertilizer Sales in Uzbekistan Summit Meta Description: Russian President Vladimir Putin and Indian Prime Minister Narendra Modi will meet in Uzbekistan to discuss trade and sales of Russian fertilizers and food URL: https://financedigest.com/russias-putin-indias-modi-to-discuss-trade-food-supplies-on-fridayhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-09-13t151557z1lynxmpei8c0xdrtroptp4brics-summit-russia-india-1736815222758-compressed.jpg) MOSCOW (Reuters) -Russian President Vladimir Putin and Indian Prime Minister Narendra Modi will meet in Uzbekistan on Friday and discuss trade as well as sales of Russian fertilizers and mutual food supplies, the Kremlin said on Tuesday. “There are plans to discuss issues of ‘saturation’ of the Indian market with Russian fertilizers and bilateral food supplies,” it said in its handout of materials for the meeting. The meeting will be held on the sidelines of a summit of the Shanghai Cooperation Organisation, a regional security bloc. First of all, moves, aimed at boosting bilateral [trade flows](https://www.financedigest.com/commodities-trading-houses-help-keep-russian-oil-flowing.html "Commodities trading houses help keep Russian oil flowing"), will be looked at. The trade turnover reached $11.5 [billion in the first half](https://www.financedigest.com/spotify-listeners-cross-half-a-billion-mark.html "Spotify listeners cross half a billion mark") of 2022, up almost 120% year-on-year,” the Kremlin said. [India’s fertiliser imports from Russia rose to $1.03 billion in April-July compared to $773.54 million](https://www.financedigest.com/nissan-renault-to-invest-600-million-to-make-6-new-models-in-india.html "Nissan, Renault to invest 0 million to make 6 new models in India") in whole of the last fiscal year to March 31, 2022, according to the Indian commerce ministry’s website. India is looking for a three-year fertiliser [import deal](https://www.financedigest.com/eu-seeks-deal-on-law-preventing-import-of-deforestation-linked-goods.html "EU seeks deal on law preventing import of deforestation-linked goods") with Russia. Attempts to sign a long-term fertiliser import [deal earlier this year were hit by the challenging](https://www.financedigest.com/how-to-deal-with-challenging-employees.html "How to Deal With Challenging Employees?") geopolitical situation after Russia launched what it calls its “special military operation” in Ukraine on Feb. 24. Putin will also [meet Chinese President Xi Jinping on the sidelines of the sidelines of the summit](https://www.financedigest.com/german-chancellor-meets-auto-battery-bosses-in-mobility-summit.html "German chancellor meets auto, battery bosses in ‘mobility’ summit") in Uzbekistan’s ancient Silk Road city of Samarkand. India and China are key buyers of Russian energy, helping to cushion Moscow from the effects of Western sanctions and allowing the two Asian economies to [secure raw materials](https://www.financedigest.com/uks-morgan-advanced-materials-reports-cyber-security-incident-on-its-network.html "UK’s Morgan Advanced Materials reports cyber security incident on its network") at discounts compared to supplies from other countries. The two Asian nations have not publicly criticised Moscow’s actions in Ukraine, despite the outcry in the West. India, which rarely used to buy Russian oil, has emerged as Moscow’s second biggest [oil customer after China](https://www.financedigest.com/oil-steadies-after-dipping-on-china-outlook-investors-await-fed-clues.html "Oil steadies after dipping on China outlook; investors await Fed clues"). Refiners in India, the world’s third biggest oil importer and consumer, have been snapping up discounted [Russian oil](https://www.financedigest.com/oil-gains-as-russian-supply-cuts-temper-concerns-over-rate-hikes-high-stocks.html "Oil gains as Russian supply cuts temper concerns over rate hikes, high stocks"), shunned by some western countries and companies. The Group of Seven countries is working to cap the [price of Russian oil](https://www.financedigest.com/oil-prices-stable-heading-for-weekly-gain.html "Oil prices stable, heading for weekly gain") from Dec. 5 in an attempt to cut the price Russia receives for oil without reducing its petroleum [exports to world](https://www.financedigest.com/at-chinas-largest-trade-fair-exporters-worry-about-world-economy.html "At China’s largest trade fair, exporters worry about world economy") markets. So far, India and [China have not said if they will join the price](https://www.financedigest.com/oil-prices-rise-as-china-eases-covid-curbs-u-s-storm-fuels-supply-worries.html "Oil prices rise as China eases COVID curbs, U.S. storm fuels supply worries") cap mechanism. [Oil minister Hardeep Singh Puri last week said India](https://www.financedigest.com/india-eases-russian-oil-buying-in-july-boosts-saudi-imports-trade.html "India eases Russian oil buying in July, boosts Saudi imports -trade") would examine the issue when more details are available. He also said many conversations and [proposals were taking place and “we will see](https://www.financedigest.com/euro-7-emissions-proposals-the-sequel-europes-carmakers-dont-want-to-see.html "Euro 7 emissions proposals, the sequel Europe’s carmakers don’t want to see") who is participating” in the price cap mechanism. (Reporting by ReutersWriting by Nidhi VermaEditing by Mark Heinrich and Mark Potter) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---