PM Modi meets Russian Prez Putin at SCO Summit amid geopolitical shifts

New Delhi: In a display of enduring camaraderie, Indian Prime Minister Narendra Modi met Russian President Vladimir Putin at the Shanghai Cooperation Organisation (SCO) summit on Monday. 

The leaders shared a warm embrace and handshake, captured in images posted by Modi on X, where he captioned: "Always a delight to meet President Putin!" 

Always a delight to meet President Putin! pic.twitter.com/XtDSyWEmtw

— Narendra Modi (@narendramodi) September 1, 2025

Both the leaders are set for a bilateral summit on the sidelines of the summit later today. This bilateral engagement comes at a pivotal moment, as India navigates complex global dynamics, including the ongoing Ukraine conflict and recent U.S. pressures on its economic ties with Russia.

The meeting, part of Modi's packed schedule at the SCO summit hosted by China, will include discussions on bilateral trade, energy cooperation, and defense collaboration. 

India-Russia relationship is rooted in the Cold War era when the Soviet Union emerged as a key ally amid India's non-aligned foreign policy. Over decades, this bond has evolved into a multifaceted alliance, encompassing defense, energy, and multilateral forums like BRICS and the SCO.

Bilateral trade between India and Russia has surged in recent years, reaching a record $68.7 billion in the fiscal year 2024-25, a nearly six-fold increase from pre-pandemic levels. 

Russia now ranks as India's fourth-largest trading partner, with ambitions to hit $100 billion by 2030. 

This growth is largely driven by India's imports of discounted Russian crude oil, which have skyrocketed since Western sanctions following Russia's 2022 invasion of Ukraine redirected Moscow's energy exports eastward.

In 2024, Russia supplied about 40% of India's crude oil imports, amounting to roughly 1.8 million barrels per day and valued at over $52 billion. 

These purchases have not only helped stabilise India's energy security, crucial for its growing economy, but also saved the country an estimated $13 billion in import costs over the past two fiscal years, according to industry analyses. 

Indian officials argue that these imports comply with international norms, as they fall below the G7's $60-per-barrel price cap, and have prevented a sharper spike in global oil prices. 

However, this reliance has drawn scrutiny from the United States. President Donald Trump recently imposed a 25% tariff on Indian exports to the U.S., citing India's oil purchases as indirectly funding Russia's war efforts in Ukraine. 

Trump's administration has escalated rhetoric, threatening further penalties unless India curtails its Russian imports. 

From India's viewpoint, such measures overlook the hypocrisy: the European Union and U.S. continue trading billions in goods with Russia, while India's imports are driven by national energy needs rather than geopolitical favouritism. 

New Delhi has emphasised its strategic autonomy, refusing to join Western sanctions and instead advocating for dialogue to resolve the Ukraine crisis.

As India eyes a $5 trillion economy, its partnership with Russia offers opportunities in energy, technology, and Arctic resources. Joint ventures in nuclear energy and pharmaceuticals are on the horizon, alongside enhanced connectivity via the International North-South Transport Corridor.