Oil price of $65-$75 will ‘suit’ Russia: Putin

Putin in India US and China keep watch as New Delhi eyes key defence deals with Russia

Iran and Russia have yet to implement an oil-for-goods scheme originally signed in 2014 and extended for five more years in April, which calls for Iranian crude exports of up to 500,000 barrels per day in return for Russian goods.

The summit is also being held at a time when Mr Putin is in need of friends, after the growing anger in Europe against Russian Federation for its role in global hotspots such as Syria and its perceived meddling in European elections.

Moscow has been negotiating to sell the S-400 long-range surface-to-air missiles to India for months.

China was the first foreign buyer to seal a government-to-government deal with Russian Federation in 2014 to procure the lethal missile system and Moscow has already started delivery of an undisclosed number of the S-400 missile systems to Beijing.

Putin said spy scandals were nothing new. "I am really glad some spine has finally been shown by India", RR Subramanian, a Delhi-based strategic affairs analyst, told AFP.

Back in July this year, India's defence minister Nirmala Sitharaman said the S-400 Triumf air defence missile deal with Russian Federation will go ahead notwithstanding the U.S. sanctions on military transactions with Moscow. In May, Modi had travelled to the Russian coastal city of Sochi for an informal summit with Putin during which they discussed a range of crucial issues. The US is now India's second biggest arms supplier.

It is to be said that the S-400 missile system is one of the most advanced warfare technology in the world today.

"No country is facing the kind of grave threat that India is confronted with". Moscow is now expanding India's biggest nuclear power plant in Kudankulam. Despite the robust military cooperation, there was a drift in the ties as Russian Federation remained silent during the 2017 Doklam standoff with China, worked for a larger role in Afghanistan and even began selling arms to Pakistan.

On Friday, Putin will hold a formal meeting with Modi at 11 am at Hyderabad House after which the India-Russia summit will take place.

Apart from S-400 missiles, Moscow is also likely to ink $2.5 billion deal for four more Krivak/Talwar class stealth frigates for the Indian Navy.

Ties received a boost a year ago when Modi and Putin held a fruitful annual bilateral summit, followed by meetings in Astana and at the G20 in Germany.

Sajjanhar pointed out that Russian Federation is the only country to have successfully set up nuclear power plants in India, despite the problems posed for foreign suppliers by India's civil nuclear liability insurance law.

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