Sochi [Russia], October 3 (ANI): Russian President Vladimir Putin on Thursday (local time) hailed Prime Minister Narendra Modi's leadership, calling him a 'wise leader' and stating that PM Modi thinks first about his country, according to Russia Today.

Putin was speaking at the plenary session of the Valdai Discussion Club in Sochi and mentioned that India and Russia both share a 'special' relationship.

'People in India do not forget about this and our relations, I believe. Some 15 years ago, we made an announcement about a privileged strategic partnership, and that is the best description. Prime Minister Modi is a very wise leader who thinks first about his country,' Putin said, quoted by Russia Today.

The development comes after the reports of Putin's visit to India at the end of this year.

Russian Foreign Minister Sergey Lavrov is also expected to visit India before President Putin's visit to prepare for the summit and discuss bilateral issues.

At the 80th session of the United Nations General Assembly (UNGA) on September 27, Lavrov announced that a visit by the Russian President is planned for New Delhi in December, marking the ongoing diplomatic preparations.

Meanwhile, addressing the issue of US tariffs imposed on Indian imports at the Valdai Discussion Club, President Putin stressed that if it stops buying Russian oil, it could suffer economic losses of USD 9 to 10 billion. He expressed confidence that PM Narendra Modi wouldn't bow down to any foreign pressure and also backed India's dignity and strategic autonomy.

'There is no political aspect here; it's purely an economic calculation. 'Will India give up our energy resources? If so, it will incur certain losses. Estimates vary; some say it could be around $9-10 billion. But if it doesn't refuse, sanctions will be imposed, and the loss will be the same. So why refuse if it also carries domestic political costs? [Indian people] will never allow themselves to be humiliated by anyone. I know Prime Minister [Narendra] Modi, he will also not make any such decisions,' Putin added, as per Russia Today.

Putin's remarks come two weeks after US President Donald Trump, during his address in the United Nations General Assembly, called China and India the 'primary funders' of the Ukraine war, accusing them of financing it by continuing to buy Russian oil.

'China and India are the primary funders of the ongoing war by continuing to purchase Russian oil,' Trump said. (ANI)