Russian President Vladimir Putin and Indian Prime Minister Narendra Modi agreed yesterday to broaden and diversify trade relations beyond oil and defense sectors, despite Western pressure on India to reduce its longstanding ties with Moscow. 

During Putin's first state visit to New Delhi since Russia's 2022 invasion of Ukraine, India, a major purchaser of Russian arms and seaborne oil, extended a warm welcome. The visit coincides with New Delhi's ongoing discussions with the United States regarding a trade agreement to reduce punitive tariffs imposed by former President Donald Trump on Indian goods due to the country's Russian oil acquisitions.

Russia is keen to import more Indian goods, aiming to boost trade to $100 billion by 2030, as the current trade balance heavily favors Moscow due to India's energy imports. Modi described the enduring partnership with Russia as "a guiding star," emphasizing mutual respect and deep trust. He stated, "Based on mutual respect and deep trust, these relations have always stood the test of time."

Modi announced a new economic cooperation program set to run until 2030, intended to make trade and investment more diversified, balanced, and sustainable. He reiterated India's support for a peaceful resolution to the Ukraine conflict. Meanwhile, Putin assured "uninterrupted fuel supplies" to India, demonstrating a defiant stance against U.S. sanctions and highlighting a joint project to construct India's largest nuclear power plant at Kudankulam.

A joint statement from the summit emphasized the resilience of Russian-Indian ties in the face of current complex, tense, and uncertain geopolitical challenges.