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NATION JUNE 28, 2024 | The Indian Eye 8

INDIAN-RUSSIA RELATIONS

Is Modi heading to Moscow

as India joins Brics members in pushing

for trade in local currencies?

BRICS ministers of Foreign Affairs met in Russia’s Nizhny Novgorod recently and
discussed the enhanced use of local currencies in trade and financial transactions

OUR BUREAU “They recalled the paragraph
45 of the Johannesburg II Declara-
Moscow/New Delhi
tion tasking the Finance Ministers
here is nothing official about it and Central Bank Governors of the
as yet, but it is already causing BRICS countries to consider the
Ta buzz all across. A planned issue of local currencies, payment
meeting between Modi and Putin instruments and platforms and to
may have the attention of the entire report back to the BRICS Leaders,”
world. according to the Joint Statement.
It has been reported that India As per the Joint statement re-
and Russia are making arrangements leased by MEA, the leaders also
for an upcoming visit by Prime Min- “supported a robust Global Financial
ister Narendra Modi to Russia, ac- Safety Net with a strong quota-based
cording to Russian state news agency and adequately resourced Interna-
RIA. A diplomatic source indicated tional Monetary Fund (IMF) at its
that PM Modi’s visit may take place centre, and also called on “continu-
in July. ing the process of IMF governance
The Kremlin had previously an- reform including creating a new quo-
nounced in March that Modi had an ta formula reflecting the economic
outstanding invitation to visit Russia, size of its membership” during the
confirming that a meeting between overall review of quotas.
PM Modi and President Vladimir India participated in the BRICS
Putin is scheduled to take place, Re- Foreign Ministers’ Meeting which
uters reported. began in Russia’s Nizhny Novgorod
Putin was sworn-in as the Pres- on Monday, the first assignment for
ident of Russia for the fifth consec- India’s foreign policy under the his-
utive time in May this year, while toric third consecutive term of Prime
Narendra Modi too took the oath as Minister Narendra Modi.
Prime Minister of India for the third External Affairs Minister S Jaishankar calls on Russian President Vladimir Putin during his visit Dammu Ravi, Secretary (Eco-
consecutive term on June 9. “The nomic Relations), at the Ministry of
Russian President warmly congratu- to Moscow in December last year (ANI) External Affairs (MEA), led the In-
lated Narendra Modi on the success dian side at the BRICS Foreign Min-
of the Bharatiya Janata Party in the Samarkand in Uzbekistan on Sep- hostilities in the Ukraine conflict and isters’ Meeting.
recent general parliamentary elec- tember 16, 2022, when he called him a return to the path of dialogue and “The Ministers encouraged the
tions,” the Russian President said in to follow the path of dialogue and diplomacy to find a lasting solution. New Development Bank to follow
an official statement earlier. diplomacy to resolve the Ukraine Modi’s visit to Moscow, if it hap- the member-led and demand-driven
If the visit takes place, it will be conflict. pens, will come at a crucial time. principle, employ innovative financ-
PM Modi’s maiden trip to Russia In spite of growing strategic and Just a couple of weeks ago, the ing mechanisms to mobilise financ-
since 2019, and also the first since security ties with the US and other BRICS ministers of Foreign Affairs ing from diversified sources, enhance
the start of the Russian invasion of key Western players, India has re- met in Russia’s Nizhny Novgorod capacity building and knowledge
Ukraine in February 2022. frained from publicly criticising Rus- and held a plethora of discussions, exchange, including with knowledge
President Putin last visited sia’s invasion of Ukraine. India even including an important one on the sources from developing countries,
New Delhi in 2021 for the annual ramped up the purchase of Russian enhanced use of local currencies in assist member countries in achieving
India-Russia Summit, which hasn’t crude despite initial pressure from trade and financial transactions be- the SDGs and further improve effi-
been held in the past two years. the US, saying such a move is re- tween the BRICS countries. At the ciency and effectiveness to fulfil its
PM Modi last met Putin on the quired to control domestic oil prices. meeting, the ministers recognized mandate, aiming to be a premier mul-
sidelines of the Shanghai Coopera- However, India has time and the need for a comprehensive reform tilateral development institution for
tion Organisation (SCO) Summit at again advocated for a cessation of of the global financial architecture. EMDCs,” the Joint Statement read.

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