The story to this point: When it comes to protocol, the federal government gave Russian President Vladimir Putin his warmest welcome but. Prime Minister Narendra Modi obtained him on the pink carpet on the New Delhi tarmac, after which travelled with him to the PM’s residence for a personal dinner. On the finish of the 30-hour journey, President Droupadi Murmu hosted him for a banquet as properly. Mr. Modi referred to as the India-Russia relationship steady like a “pole star (dhruva tara)”. Nevertheless, the end result of the Modi-Putin summit has been modest.

What are the primary takeaways?

Forward of Mr. Putin’s go to, his first for the reason that Russian invasion of Ukraine in February 2022, the India-Pakistan battle this 12 months, and the downturn in India-U.S. ties, there was appreciable hypothesis that the 2 sides have been engaged on a considerable set of agreements on defence cooperation, procurement and know-how switch offers in plane, air defence methods, drones and missiles. Nevertheless, the assembly between Defence Minister Rajnath Singh and his Russian counterpart Andrei Belousov earlier than Mr. Putin landed, ended with none bulletins. As a substitute, the main target was squarely on financial cooperation, and taking ahead the roadmap on the “Growth of Strategic Areas of India — Russia Financial Cooperation until 2030” that was launched throughout Mr. Modi’s visit to Moscow in 2024. To this finish, they introduced a “Labour Mobility Settlement” that may facilitate Indian expert staff to work in Russia, the place manpower shortages for 3 million jobs are anticipated by the top of the last decade. Russian and Indian fertilizer firms additionally signed an MoU to construct a urea plant in Russia. Aside from this, the 2 sides signed agreements on maritime cooperation, ports and customs. The 2 sides anticipated to clean the trail for bilateral commerce, significantly through the Chennai-Vladivostok Jap Maritime Hall and Worldwide North South Transport Hall. India and Russia agreed to proceed working in the direction of enhancing the settlement of bilateral commerce of their nationwide currencies. There have been no bulletins, nonetheless, on oil procurement, that made up greater than $60 billion of the $69 billion commerce final 12 months, nor have been there any concrete outcomes on house and nuclear cooperation.

Was the Ukraine struggle an element?

Mr. Putin’s go to to India, at a time the Ukraine struggle may head into its fourth 12 months, was vital, because it got here throughout intense negotiations over a U.S.-led peace proposal geared toward ending the battle final week in Moscow. In feedback to the media previous to their talks, Mr. Modi thanked Mr. Putin for “all the time protecting India briefed” in regards to the battle, and hoping for it to finish. “India just isn’t impartial, it stands on the facet of peace,” Mr. Modi stated. Mr. Putin too stated he hoped for peace, and signalled some hope for the U.S. proposal. Nevertheless, the bigger shadow over the talks was of Western sanctions on Russia which have exacted a excessive value on India. Whereas Mr. Putin promised “uninterrupted gasoline provides to India”, and the Ministry of Exterior Affairs (MEA) has stated it might solely bow to “industrial issues” on oil purchases, it might appear European sanctions on Russian and Indian oil firms in addition to the hefty 25% tariff added on to Indian items by the U.S. have dented India’s resolve. Figures present, that in 2025, the year-on-year consumption of Russian oil has been minimize drastically (38% y-o-y down in worth in October 2025). The 2 sides could have additionally stayed away from bulletins within the discipline of defence, house and nuclear cooperation throughout Mr. Putin’s go to, simply in case the U.S. revisits its 2018 CAATSA (Countering America’s Adversaries By way of Sanctions Act) regulation that sanctions strategic purchases from Russia. As well as, a warning shot from three European Ambassadors (the U.Okay., Germany and France) in an article criticising Russia for the struggle in Ukraine, that appeared simply days earlier than Mr. Putin’s go to, could have given the federal government some motive to pause, regardless that the MEA referred to as the article’s “public recommendation” to India, “unacceptable”. Additionally it is vital that Ukrainian President Volodymyr Zelenskyy, who had final 12 months criticised Mr. Modi for embracing Mr. Putin in Moscow, remained silent on the hugs and bonhomie in Delhi, probably as a consequence of some deft diplomacy by New Delhi, and owing to the delicate stage the U.S.-led peace talks are at.

What may be the way in which ahead?

For New Delhi, an finish to the battle in Ukraine will ease the tightrope stroll it’s presently being pressured into as a result of deep polarisation between Russia and Europe, and as Russia’s dependency on China grows. Mr. Putin’s go to got here only a month earlier than seemingly visits from German Chancellor Friedrich Merz and the European Union’s high management Ursula Von Der Leyen and Antonio Costa for Republic Day. The EU-India Summit is being held after a protracted hole, and the EU-India Free Commerce Settlement is predicted to be signed. In February, New Delhi expects French President Emmanuel Macron and different Western leaders on the Synthetic Intelligence Summit, and Canadian PM Mark Carney thereafter. In the meantime, the India-U.S. free commerce settlement, that hopes to see a rollback of extreme U.S. tariffs, can be in a decisive part. In that sense, New Delhi hoped the Putin-visit, that was lengthy delayed, can be a “win-win.” It needed the go to to be a reaffirmation of its conventional ties with Russia, whereas making certain the outcomes didn’t increase a protest from the West. This is able to enable India to proceed to uphold its decades-old coverage of “strategic autonomy.”