Tehran, Moscow Sign Strategic Memorandum on Russian Gas Supplies
Trade between Russia and India is growing. Indian Prime Minister Narendra Modi will visit Moscow on July 8 and 9
During the recent visit of Gazprom CEO Alexei Miller to Tehran, the Russian oil giant and the National Iranian Gas Company (NIGS) signed a strategic memorandum on Russian gas supplies to Iran. The memorandum was signed following talks between Miller and Iranian Oil Minister Javad Owji, during which the parties outlined a program of cooperation between Moscow and Tehran in the oil and gas sector.
On Monday, June 24, the European Union adopted the new 14th package of sanctions against Russia, which, among other things, prohibits the transshipment of Russian liquefied natural gas (LNG) in European ports.
Between January and May 2024, Russia’s gas production increased by 9.1% compared to the same period in 2023. According to Rosstat, the country produced 254 billion cubic meters of gas in the first four months of the year. After reaching peak production in April 2024, May production declined by 4% month-on-month, but the figure nonetheless recorded an increase of 10.9% compared to May 2023.
Many Russia-friendly countries, including India, are not bowing to the so-called “secondary sanctions” threatened by the USA and the EU. In the first four months of the year, trade turnover between Russia and India, the founding country of the BRICS group, increased by 10% compared to the same period in 2023, setting a new record of $23.1 billion. In particular, India imported $21.6 billion worth of goods and services from Russia in January-April 2024. Russian exports were based on energy (oil, LNG, and coal), fertilizers, and chemical products. Thus, Russia has become India’s second major supplier, after China, with $32.6 billion. India’s exports to Russia during this period also increased by 21% to $1.6 billion. Russia is the Asian country’s fourth trading partner.
According to Indian sources, Prime Minister Narendra Modi will pay an official visit to Moscow on July 8 and 9. “I can confirm that we are preparing Modi’s visit to Moscow,” Russian presidential adviser Yuri Ushakov also said. As Indian newspaper The Tribune wrote, this will be Modi’s first visit to Russia in five years.