3.1 – The state and globalisation
3.4 – Power and developments
3.6 – Comparative theories
The December 2025 India–Russia summit between Modi and Putin delivered broad commitments across energy, defence, and trade, reinforcing the depth of the India–Russia partnership at a time of widening global fractures. Both governments reaffirmed their target of US$100 billion in annual trade by 2030, noting that commerce had already expanded dramatically following India’s large-scale purchases of discounted Russian crude oil. Russia restated its promise of “uninterrupted” oil shipments, despite Western pressure on shippers and insurers. India has depended on Russian barrels for more than 30% of its total crude imports throughout 2025, underscoring Moscow’s leverage in shaping India’s energy security.
Defence cooperation remains central. The summit emphasised continued joint development of “advanced platforms” and maintained long-standing technology-sharing arrangements, including India’s locally produced Russian-designed rifle programme and ongoing deliveries under previous air-defence contracts. The two sides also committed to broadening rupee–rouble settlement mechanisms, aiming to expand beyond energy into agriculture, pharmaceuticals, and textiles. This reflects an effort to reduce reliance on the dollar-based financial system as global power centres drift further toward multipolarity.
However, Indian officials and analysts have privately acknowledged that New Delhi may have miscalculated on two fronts. First, reliance on Russian oil has exposed India to vulnerabilities: fluctuating freight rates, political risk premiums, and US tariff measures placed on Indian goods in 2025 in response to Russian energy ties. Second, India’s increasingly tight embrace of Moscow complicates its position with Western partners whose technology and investment remain essential for India’s long-term growth. The summit therefore highlights India’s balancing act: pursuing strategic autonomy in an increasingly multipolar while navigating the unintended costs imposed by the current hegemon, the USA, of deepening ties with a sanctioned great power.