NEW DELHI, March 6. /TASS/. The military campaign by the United States and Israel against Iran will significantly impact Asian energy markets, creating an opportunity for India to strengthen energy cooperation with Russia, according to Russian experts participating in a discussion on Russian-Indian relations at the Raisina dialogue conference in New Delhi.
Fyodor Voitolovsky, Director of the Primakov Institute of World Economy and International Relations of the Russian Academy of Sciences, noted that the US attack on Iran and the subsequent rise in energy prices "will have long-term consequences for many markets." He believes this will primarily affect China, but "will have a negative impact on all Asian markets and reduce the potential growth of many Asian economies and the economies of the Global South."
"India has a very good chance to strengthen not only energy cooperation with Russia but also to achieve success in this area," the expert believes.
According to him, fertilizer producers are currently suffering from a shortage of natural gas. "Russia is a very reliable gas producer, which can provide stability for India. I also believe we can do a lot together in many areas, such as chemicals, pharmaceutical production, and medical technology more broadly," he added, pointing to the prospects for joint fertilizer production.
As Ivan Timofeev, Director General of the Russian International Affairs Council, noted, the US is attempting to hinder Russian-Indian energy cooperation through tariffs, sanctions, and trade restrictions.
"Due to the war with Iran, these volumes could be even higher, as there is a shortage in the oil market. Russia can play a decisive role in neutralizing this energy risk for India and the rest of the world," he noted.
Earlier Washington pressured India to stop purchasing Russian oil in exchange for lower trade tariffs. In the context of the US and Israeli military operation against Iran and the subsequent instability in energy markets, the US Treasury Department has issued a license for India to purchase Russian oil already in tankers at sea for 30 days. This license also covers transactions with petroleum products and supplies of crude loaded onto any vessels up to and including March 5.
The Indian Ministry of Foreign Affairs stated that ensuring energy security for the country's 1.4 billion people is the government's top priority. Diversifying energy sources in line with objective market conditions and the changing international environment is at the core of the country's strategy, and all Indian decisions are and will be made with this in mind.