The ruble has fallen more than 45 per cent against the dollar this year.
“We aren’t on the offensive, we aren’t attacking anyone, we are only defending our interests,” he said.
Even as the confidence in the economy is slipping, an overwhelming number of people showed support for Putin.
Russia’s economy is on the brink of collapse. Could this bring a change in Putin’s policies?
The joint declaration was signed on the sidelines of Russian President Vladimir Putin’s visit to New Delhi last week.
Bilateral ties look reinvigorated. But much work needs to be done to cement the economic partnership
Modi said Putin is a great leader and he has been a pillar of strength for India’s security and international relations.
Putin, who is on a visit to India, was accompanied by a high-level delegation that includes business tycoons.
Sergey Aksyonov met a Mumbai businessman to discuss boosting trade with the Black Sea region.
India and Russia are set to ink several major agreements, in the field of civil nuclear energy, defence and trade.
Putin will seek economic engagement to negate effect of sanctions against Russia over Ukraine issue.
Russia and India have shared close ties since the Cold War, when Moscow was a key ally and the main arms supplier to New Delhi.
Modi and Putin must acknowledge the changed dynamic around them
Modi and Putin must have a candid dialogue on adapting bilateral ties to a changing world.
Further cooperation in the nuclear energy area is also likely to figure prominently during the talks.