Beyond oil, New Delhi is pushing for expanded Russian imports of agricultural products, pharmaceuticals and machinery to counterbalance trade asymmetries.
Bilateral trade has surged fivefold since 2021 to US$68 billion, mainly from imports of Russian crude, but India’s trade deficit has ballooned to US$58.9 billion over the same period.
At the summit, both countries may also explore direct financial settlement mechanisms that bypass Western sanctions, including linking national payment systems for cross-border transactions that rely less on Western financial networks.
“Russia would be also looking at a post-Ukraine economic situation. It’s pretty dire for Russia,” said Observer Research Foundation’s Pant.
“So it would want India as an emerging economy to help it out,” he added.
“The other is technology, where I think Russia certainly has, like in the past, indicated that unlike the West – which continues to remain reticent in sharing and the cutting-edge technologies with India – (it) has had no such compunction.”
India is reportedly considering new defence acquisitions from Russia, including fighter jets and additional units of the S-400 air defence system.
As New Delhi balances ties with both Washington and Moscow, observers stressed that its national interests will remain paramount.
“It doesn’t make sense for any country to put all the checks in one basket,” said Singh.
“Therefore you have to keep your options open. Russia enables you to keep your options open in the current context,” he added.
“My sense is that India would look at exercising its own sovereign choices, and would look at maintaining the strategic autonomy of its decision-making.”
