Russian President Vladimir Putin’s visit to India on December 4-5 is significant for several reasons. Ties long-anchored in a defense and strategic partnership and bolstered by government-to-government deals have been put on a trajectory with an economic emphasis.

One of the main highlights of Putin’s visit was the agreement on an Economic Cooperation Program running till 2030 that aims to diversify and balance trade and investment. India-Russia trade, which stagnated at $8-10 billion for many years, including in 2019, jumped to $68.7 billion in 2024-25. This is mainly due to India’s oil imports from Russia. The trade balance, heavily skewed in Moscow’s favor, is viewed by India as requiring urgent course correction.

Hence, at New Delhi, the two sides emphasized the need to inject new momentum into co-production and co-innovation, expand the export basket, speedily conclude a Free Trade Agreement with the Eurasian Economic Union, and revitalize connectivity projects like the International North-South Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridors. The impetus to find new markets as India grapples with U.S. tariffs and Russia looks to overcome sanctions imposed by the U.S. and the European Union is also a driver for increased India-Russia economic cooperation.

Putin’s last visit to India was in December 2021. So, his visit to India last week was the first since the start of the Ukraine conflict. Although unhappy with the Russian invasion of Ukraine, New Delhi nevertheless has been careful not to criticize Russian actions. During Putin’s visit, Prime Minister Narendra Modi clearly said that India was on the side of peace and not neutral on the matter.

India and Russia have held annual summits in both countries alternately since 2000, when they institutionalized this format of interaction and elevated ties to a “strategic partnership.” Ties were upgraded to a Special and Privileged Strategic Partnership during Putin’s visit to New Delhi in 2010. Modi had visited Moscow in July last year for the 22nd India-Russia annual summit. Putin’s visit to New Delhi last week for the 23rd summit was therefore not unusual.

What set Putin’s recent visit apart is the global churn in its........

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