Modi, Putin Reaffirm Strategic Ties Amid U.S. Pressure Over Russian Oil Purchases
Putin gave Modi a ride in his armoured Aurus limousine from the summit venue to the hotel where their formal meeting took place.
“We’ve been having regular discussions on the ongoing conflict in Ukraine. We welcome all the recent efforts towards establishing peace,” Modi said. “We hope that all parties shall proceed ahead constructively. A way must be found to end this conflict and establish lasting peace.”
India is the second-largest buyer of Russian oil after China, and Moscow accounts for almost 40% of the country’s energy imports. Purchases were ramped up after the West slapped sanctions on Russia over the invasion of Ukraine in 2022.
While two-way trade reached a record high of $68.7 billion in 2024-25, India’s exports were valued at only $4.88 billion. Indian officials have expressed concern at the trade imbalance and called on Moscow to do more to diversify the trade basket and improve access to Russian markets.