00:00Dimitri, let's talk a little bit about orders from India for Russian oil have dropped since President Trump increased tariffs on Modi's government, accusing India of funding the Kremlin's war machine.
00:14How is U.S. pressure impacting the Russia-India relationship? And I also think how is it impacting the Russian economy?
00:23Well, if we speak about the bilateral relations, the influence of the U.S. pressure is relatively limited because I would say that the key problem of the Russia-Indian relations is not even the economic pressure or U.S. sanctions and so on.
00:47I think that the key problem is the very model of Russia-India relations, which is very limited by defense cooperation, arms exports and oil supply.
01:00With these just two levels, two dimensions of cooperation, it is very fragile.
01:11From this perspective, both Moscow and New Delhi are very interested in changing this model into some kind of deeper cooperation in different spheres, in technologies, in cooperation between banks, in cooperation in the sphere of artificial intelligence.
01:32But for now, of course, of course, of course, of course, of course, of course, of course, of course, if we speak about oil supplies, yes, they decline pretty significantly.
01:40But if we speak about the Russian oil exports in general, it did not decline fundamentally because of the American sanctions, simply because their balance on the energy markets is still very fragile and Chinese and other economies just need oil.
02:07So by this, so that means through different schemes, Russian oil continues to go to Asian markets and probably even to India, but it's like black or gray schemes, which is very difficult to track.
02:23If we speak about Russian economy in general, I think that to some extent there is some pressure, but we do not feel it so much simply because Russian economy is mostly under the pressure of the military expenditures, which is around one third of the Russian federal budget.
02:46It is much more fundamental factor in slowdown of Russian economy than a relative decline of the Russian oil supply.
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