Vladimir Putin says Russia sees ‘very big potential’ for economic cooperation with India beyond logistics

Russian President Vladimir Putin on Thursday said there is very big potential for economic cooperation between Russia and India beyond logistics while highlighting Moscows interest in working with New Delhi on international transport and shipping corridorsPutins remarks came while discussing the development of international transport routes and Russias efforts to expand connectivity with key trading partners He said Moscow was interested in working with India on emerging maritime and landbased corridors as part of broader economic cooperationPutin highlights scope beyond logisticsThere is a very big potential for economic cooperation with India not just in logistics Putin saidHe said Russia had already piloted commercial shipping operations involving vessels from China and South Korea and was discussing similar cooperation with India The comments point to Moscows interest in expanding the use of alternative trade routes as disruptions and geopolitical tensions continue to affect established maritime corridorsPutin also referred to the International NorthSouth Transport Corridor INSTC a multimodal network intended to connect India with Russia and markets in Europe through Iran and the Caspian regionINSTC remains central to RussiaIndia connectivityWe have piloted a Chinese container ship and South Korean ship and we are talking to our Indian friends as well So we stand in favor of jointly using these promising international corridors Now as far as the NorthSouth transport corridor is concerned it does not depend solely on us We stand ready to provide the credit resources But right now our Iranian friends have to complete their part of the workThe INSTC has been under development for years with India Russia and Iran among the key participants The corridor is designed to provide an alternative route for freight between India and Russia reducing reliance on longer maritime routesPutin also said the portion of the corridor that runs through Azerbaijan was not facing problems following discussions with Azerbaijani President Ilham AliyevPart of the corridor must go through Azerbaijan President Aliyev and we are in contact There are no problems there Azerbaijan agrees he addedRussia explores alternatives to maritime chokepointsThe focus on alternative connectivity comes amid disruptions to international shipping particularly around the Strait of Hormuz Russian Deputy Prime Minister Marat Khusnullin had said in August that Moscow should examine the feasibility of developing a rail link towards the Indian Ocean to reduce exposure to risks associated with the Bosphorus and the Strait of HormuzldquoA rail link to the Indian Ocean should also be explored Risks related to the Bosphorus and the Strait of Hormuz might require alternative routes through Turkmenistan Iran Afghanistan and Pakistan Any options providing access to India are acceptable Khusnullin was quoted as saying by TASSThe proposal remains at the exploration stage and would face substantial infrastructure security financial and diplomatic challenges particularly because any such overland route would cross several countriesPutin praises Modis efforts on Ukraine conflictDuring the same remarks Putin also spoke about Prime Minister Narendra Modis position on the Ukraine conflict saying the Indian leader had raised the issue of finding a peaceful settlementPrime Minister Narendra Modi is one of those world leaders who despite our very good and even friendly relations personal good relations constantly raises the question and asks the question about putting an end to the conflict in Ukraine Putin said addressing the crowdHe said Modi had been advocating mutually acceptable solutions and described the Prime Minister as maintaining a neutral position while seeking an end to the conflictHe has an avid interest and very good ideas aimed at finding mutually acceptable solutions In that sense naturally the Prime Minister takes a neutral position but with an interest in the end of the conflict I think its my duty to say that directly And we are thankful to the Prime Minister for his ideas Putin saidWe are thankful for his desire to put an end to this conflict through peaceful means and as soon as possible he addedHormuz disruption adds urgency to alternative routesThe push for alternative trade corridors has gained importance amid continuing disruptions in the Strait of Hormuz following the conflict involving the United States Israel and Iran Reuters reported that shipping through the waterway was disrupted after the February 28 strikes on Iran with oil companies tanker operators and traders suspending or altering shipmentsThe Strait of Hormuz is a major global energy route and disruptions there have affected oil and LNG movements Reuters reported in September that traffic through the strait remained volatile although crude exports had resumed at varying levelsWith inputs from ANI