External affairs minister S. Jaishankar met his Russian counterpart Sergey Lavrov ahead of the BRICS foreign ministers' meeting beginning in the capital on Thursday and underscored the value of political cooperation between the two countries in the "volatile global environment".

Meeting Lavrov, along with their delegations, soon after the Russian minister touched down in Delhi on Wednesday evening, Jaishankar said: "The last few years have seen a steady and sustained growth in our bilateral partnership. Its economic and energy dimensions have become more pronounced. Our political cooperation is even more valuable in an uncertain and volatile global environment."

Referring to the India-Russia annual summit that alternates between the two countries, Jaishankar said: "Constant tending is the best solution for progressing ties. The complicated international situation also merits an exchange of views, especially between two trusted partners. Our two nations have a shared interest in strengthening multipolarity. We also benefit through greater de-risking and diversification."

Diversification has been the explanation that India has relied on since US President Donald Trump began claiming earlier this year that New Delhi has agreed to stop buying Russian oil and replace it with American and Venezuelan alternatives.

While India has avoided getting button-holed into disclosing whether New Delhi has decided to cut back on Russian oil purchases and get American-Venezuelan oil in its place, the refrain of the external affairs ministry from February has been diversification and how it is crucial to energy security.

There was no official word from the Russian side till late Wednesday night. Ahead of the visit, the Russian foreign ministry had said "Russia-India relations are self-sufficient and resilient to fluctuations in the geopolitical environment. They are based on long-standing friendship and mutual consideration of national interests", outwardly signalling an understanding of India’s compulsions in cutting back on oil purchases.

The Russian side also said the two countries "hold shared or closely aligned positions on key issues of our time".