Russian President Vladimir Putin and Indian Prime Minister Narendra Modi engaged in significant discussions during the 23rd Russia-India Summit held in New Delhi. The leaders agreed to expand their economic partnership amid growing pressure from the United States for India to reassess its longstanding ties with Russia. This summit, occurring during ongoing tensions due to the conflict in Ukraine, highlights India’s strategic balancing act between its traditional ally and Western nations.
Upon Putin’s arrival in New Delhi, he received a warm welcome from Modi, who embraced him like an old friend. The discussions culminated in a commitment to a comprehensive economic cooperation program through 2030, aiming to boost bilateral trade to $100 billion by the end of the decade. Last fiscal year, trade between India and Russia reached $68.7 billion, heavily favoring Russia and resulting in a trade deficit for India.
Putin stated, “To achieve this significant goal, a program for the development of Russian-Indian economic cooperation until 2030 has been agreed upon.” He also announced ongoing efforts to establish a free trade zone between India and the Eurasian Economic Union, which could enhance trade prospects. Highlighting Russia’s role, he asserted, “Russia is a reliable supplier of energy resources and everything necessary for the development of India’s energy sector.”
The summit did not shy away from military collaboration. Before the meeting, Putin remarked on the strong military-technical relationship between the two nations. Modi confirmed intentions to finalize a free trade agreement with the Eurasian Economic Union and announced that India would soon offer free electronic visas for Russian tourists.
While energy security has historically underpinned India-Russia relations, critics express concerns that Putin’s visit could jeopardize India’s relationships with both the European Union and the United States. The U.S. has raised tariffs on Indian imports and pressured India to limit its oil purchases from Russia. In August, former President Donald Trump imposed tariffs of up to 50% on Indian goods, citing India’s discounted Russian oil imports.
Despite these pressures, Indian officials maintain that New Delhi has always adhered to international sanctions. In October 2023, the U.S. Treasury imposed sanctions on major Russian oil producers, including Lukoil and Rosneft, aiming to compel countries like India to reduce their oil imports from Russia. Reports indicated that a number of Indian and Chinese buyers were reconsidering their purchases of Russian oil.
As India navigates its strategic position, the country is also finalizing trade negotiations with the European Union, which views Russia’s military actions in Ukraine as a considerable threat. According to Praveen Donthi, a senior analyst with the International Crisis Group, this visit underscores India’s delicate balancing act between Western relations and its historical ties with Russia.
Modi’s meeting with Putin focused on accelerating the delivery of two additional S-400 missile systems. India had previously secured three under a $5.4 billion deal in 2018, although deliveries have experienced delays due to supply chain disruptions caused by the war in Ukraine. The two nations also signed an agreement in February to enhance military cooperation in various areas, including logistics support and disaster relief.
Looking forward, India aims to increase exports of pharmaceuticals, agriculture, and textiles to Russia while addressing non-tariff barriers. Additionally, discussions are ongoing regarding the safety and regulation of skilled Indian workers migrating to Russia.
Putin’s previous visit to India occurred in 2021, while Modi visited Moscow in 2022. The leaders last met briefly in September during a summit in China. As India continues to assert its presence on the global stage, the outcomes of this summit will be closely watched by international stakeholders.
