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Economic Times-PM Modi To Skip Annual Summit w/Russia's Putin

INDIA

India's Economic Times citing agencies reporting that Prime Minister Narendra Modi is set to skip his annual summit meeting with Russian President Vladimir Putin in 2023. Modi's India has been the most prominent sizeable global economy to remain broadly neutral regarding the war in Ukraine.

  • Earlier in December, Russian state media reported that an official invitation had been offered to Modi to travel to Russia for what would be the 22nd Russia-India summit.
  • India continues to import hydrocarbons, as well as military equipment from Russia. However, the West has sought to encourage New Delhi to take a tougher stance towards Moscow's invasion.
  • The Independent reports that India is set to become the largest single importer of Russian oil in December following the introduction of the G7 price cap (which India has not signed up to), "...in a move that will likely undermine the impact of a price cap [...]. Russian crude oil loadings bound for India climbed to the highest level in November as refiners purchased more than 1 million barrels per day (bpd)..."

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