Russian President Vladimir Putin and Indian Prime Minister Narendra Modi used their annual summit in New Delhi to announce a major expansion of economic cooperation, reinforcing decades-long bilateral ties despite mounting U.S. pressure over the Ukraine war and discounted Russian crude.
The 23rd Russia-India Summit arrives at a critical geopolitical moment, as Washington seeks international support for its Ukraine peace push and urges India to recalibrate its historic partnership with Moscow. Modi welcomed Putin with the warmth of an old ally, greeting him on arrival with a lengthy handshake and embrace.
Both leaders confirmed that a comprehensive economic program running until 2030 is now finalized. With aims to diversify trade flows and reduce India’s deficits, the plan targets a sharp rise in annual bilateral trade — from $68.7 billion last fiscal year to $100 billion by decade’s end. Energy remains central, with Putin promising continued, uninterrupted supply of Russian fuel for India’s fast-expanding economy.
Putin noted that negotiations are advancing on a free-trade arrangement between India and the Eurasian Economic Union, an initiative he said will help accelerate trade expansion. Modi echoed the priority, adding that India will soon issue free e-visas for Russian travelers and will deepen collaboration in shipbuilding, fertilizers, civil nuclear development, and labour mobility.
While Putin emphasized “trusting” military-technical cooperation, the summit also underscored India’s delicate balancing act. The U.S. has sharply criticized New Delhi’s surging Russian oil purchases, arguing they fund Moscow’s war effort. Tariffs on Indian goods were raised to 50 per cent this summer, and Washington has sanctioned key Russian producers to pressure countries like India to curtail imports.
India’s foreign secretary Vikram Misri acknowledged that sanctions and oil flows were discussed, but stressed national energy security drives decisions for a population of 1.4 billion. He said both private and state-run Indian refiners will continue sourcing based on market realities and commercial need.
The trade recalibration comes as India’s negotiations with both the European Union and the United States have slowed. Brussels views any deepening of ties with Moscow as a potential threat to broader EU-India economic ambitions, while Washington has linked stalled talks to discounted Russian barrels.
For Modi, the summit signals continuity: India will maintain long-standing ties with Russia, pursue discounted energy supplies, and attempt to preserve strategic space between competing power blocs — even as global scrutiny intensifies.
