Overview

• The Russian president said India could face losses of about $9–10 billion if it halted Russian crude and asserted there is no reason for New Delhi to yield to U.S. pressure.
• He instructed his government to develop proposals to increase Russian purchases of Indian agricultural and pharma products to reduce a trade deficit reported near $58.9 billion.
• Putin highlighted financing, logistics and payment bottlenecks as issues that must be resolved to unlock the full potential of Russia–India economic ties.
• He confirmed plans to visit India in early December for an annual summit with Prime Minister Narendra Modi and described the bilateral relationship as “special.”
• U.S. tariffs on Indian goods have been raised to about 50% in connection with India’s Russian oil purchases, while Indian minister Piyush Goyal has signaled potential growth in U.S. energy imports.