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Indian Foreign Minister Subrahmanyam Jaishankar met with Russian President Vladimir Putin on Wednesday to discuss geopolitical issues and increasing joint military weapons development.

During the meeting, part of Jaishankar’s five-day visit, Putin expressed intentions to discuss the ongoing war in Ukraine and praised the relationship’s positive trajectory. Putin also acknowledged Indian Prime Minister Narendra Modi’s neutral stance and his desire for a peaceful resolution to the war.

The discussions come at a time when India’s role as a crucial market for Russian oil exports is significant, especially as Western sanctions impact Russia’s oil trade. Jaishankar, addressing trade resilience, stated, “It is very important to make our trade interaction more sustainable. We need to think about how to achieve this.”

Highlighting the growing economic relationship between both countries, Jaishankar pointed out the record trade turnover between India and Russia, which surpassed $50 billion in 2022. He said, “We expect to exceed that this year. And what is important is that this trade is more balanced, it is sustainable, and it provides for fair market access.”

In addition to Putin, Jaishankar also talked with his Russian counterpart, Sergey Lavrov. They explored future military-technical cooperation, including the joint production of advanced weaponry.