The friendship between India and Russia dates back to the time when India was still India and Russia was known as the United States of Soviet Republics. Since then, the friendship between the two countries has never been interrupted, but rather, it has only grown stronger. This India-Russia friendship and Modi-Putin chemistry have been on full display on the global stage.
Russian President Vladimir Putin has arrived in Delhi to participate in the BRICS Summit 2026. The two leaders are scheduled to meet before the BRICS Summit. Several important issues will be discussed during this meeting, which is being closely watched not only by India and Russia but by the entire world.
Modi and Putin are meeting for the second time, 15 days after the SCO Summit 2026 in Bishkek. This is his second visit to India in nine months. Putin is facing sanctions from Western countries due to the Russia-Ukraine war. India is facing the threat of US tariffs for purchasing oil from Russia. Amidst these tensions, this meeting between the two leaders is expected to be significant. Both countries can work towards expanding this trade relationship beyond oil and defense.
India relies on imports for its energy needs. 80-85% of its needs are met through imports, with Russian oil’s share rising to nearly 45%. Despite the Strait of Hormuz being closed, the tensions of the Gulf War, and US surveillance, Russia ensured India’s oil supply was not short. This relationship is not simply one of buyer and seller. India’s state-owned company, ONGC, has a 20% stake in Russia’s Sakhalin-1 oil project. Indian oil companies have invested in Russian companies like Vankorneft and Tass-Yuryakh. Meanwhile, Russia’s Rosneft and Nayara Energy operate oil networks in India. Russia-India’s long-standing oil and defense relationship is now expanding into sectors such as aviation, nuclear, minerals, and investment.
Previously, India-Russia deals focused on fighter jets. For the first time, the two countries are entering into a joint agreement on passenger aircraft. This agreement was signed on Thursday, September 10, at Bharat Mandapam. Three Indian aircraft companies have signed an agreement with Russia’s United Aircraft Corporation (UAC) to purchase 105 passenger aircraft. The Russian company UAC is also granting Indian companies the right to manufacture SJ-100 aircraft locally.
Bilateral trade between India and Russia increased to approximately $59.9 billion in FY26. India’s total imports from Russia are $55.4 billion, and India’s total exports to Russia are $4.5 billion. Crude oil accounts for the largest share of this. India and Russia have set a target of reaching $100 billion by 2030. India aims to increase its exports to Russia, for which new options can be explored. Furthermore, India’s focus is on increasing exports of pharmaceuticals, auto components, textiles, engineering, tractors, and food products. The focus will be not only on increasing imports and exports, but also on finding new ways to facilitate them. Discussions are likely between the two countries on the International North-South Transport Corridor (INSTC), which facilitates easy access to Russia.
A major deal in the defense sector is likely between Modi and Putin. The following major agreements may be reached between the two countries regarding nuclear energy.
1. An agreement may be reached regarding the remaining consignment of S-400 missiles as well as maintenance.
2. A deal may be reached on upgrading Su-30MKI fighter jets.
3. Discussions are expected on defense agreements ranging from the Su-57 to the S-500.
4. Discussions may be held on improved radars and new weapons under the Super Sukhoi project.
5. Both countries are preparing to work together on the BrahMos.
The focus will be on promoting trade in local currencies between Russia and India. Russia claims to trade in local currencies with 96% of BRICS countries. India and Russia will focus on strengthening the payment settlement system in local currencies. The payment infrastructure between the two countries is already strong. 22 Russian and 17 Indian banks are connected to this system. An agreement may be reached to expand this.
The closure of the Strait of Hormuz has caused India to face a urea and fertilizer crisis. Therefore, a deal may be reached between the two countries to increase fertilizer exports. Fertilizer imports from Russia increased by 20% in the first six months of the current fiscal year. An agreement is expected to increase this amount. India will also strive to increase its food exports to Russia.
Russia and India Together in Space
Expanding cooperation in the space sector between India and Russia could be considered. Russia is already collaborating with India on the Gaganyaan mission. The focus between the two countries could be increased on developing rocket engines, rocket fuel, and space centers.