Russia has long been India’s biggest supplier of weapons and, since 2022, a key source of discounted crude oil. But tightening Western sanctions and India’s rising purchases of U.S. energy have slowed Russian crude flows to a three-year low. Putin’s trip is his first to New Delhi in four years, as both sides look to stabilise ties strained by sanctions pressure and shifting global alignments.
Why It Matters
Putin aims to secure fresh energy and arms contracts at a time when sanctions are limiting Russia’s access to global markets. For India, any new deals risk triggering retaliation from Washington, which has already doubled tariffs on Indian goods over Russian crude imports. Despite this, India still depends heavily on Russian defence equipment and spare parts, making continued cooperation strategically important.
India: Seeking stable defence supplies, potential restoration of ONGC Videsh’s Sakhalin-1 stake, and protection from further U.S. trade penalties.
Russia: Looking to boost oil sales, secure access to technical equipment, and push major platforms such as the Su-57 fighter and additional S-400 units.
United States: Monitoring the visit closely, with concerns that deeper India-Russia ties may undermine its sanctions regime.
Energy and Defence Industries: Russian firms like Rosneft, Gazprom Neft, Rosoboronexport and Indian refiners IOC and BPCL play central roles in ongoing negotiations.
What’s Next
New Delhi and Moscow are expected to announce limited agreements, with progress likely on defence spares, oil supplies from non-sanctioned entities, and talks on a free trade pact with the Eurasian Economic Union. India will also weigh Russia’s pitch for Su-57 fighters and additional S-400 systems. The outcome may hinge on how far India believes it can stretch without provoking fresh U.S. penalties.
With information from Reuters.
