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Putin’s India Trip Yields Economic Pacts as Modi Signals Strategic Autonomy

The visit operationalised an economic-first agenda constrained by sanctions and payment hurdles.

Overview

  • India and Russia announced a labour mobility pact, a urea plant MoU, and maritime, ports and customs agreements, with work to expand national-currency settlements.
  • There were no public breakthroughs on defence, space or nuclear cooperation, with officials framing the outcomes as continuity and reporting a Russian timeline to deliver the remaining S-400 units within 24 months.
  • Putin pledged uninterrupted fuel supplies as New Delhi reiterated that oil purchases will follow commercial considerations, even as Russian crude intake has fallen year on year under sanctions pressure and U.S. tariffs.
  • Bilateral trade remains lopsided at roughly $69 billion with about $5 billion in Indian exports, and both sides flagged the need to remove barriers, stabilise payments and accelerate talks with the Eurasian Economic Union.
  • Modi’s protocol-breaking welcome—including a tarmac greeting, shared car ride and private dinner—provided visible political warmth, and Putin inaugurated RT India in a signal of soft-power comfort.