Russian President Vladimir Putin is visiting India from December 4-5, 2025, for the 23rd India-Russia Annual Summit.
In 2025, India-Russia relations continue as a "Special and Privileged Strategic Partnership," marked by high-level diplomatic engagement, robust trade growth, and deep cooperation in defense, energy, and technology. 

The "BFF" Myth: Perspectives in 2025

While the phrase "Hindi Rusi Bhai Bhai" evokes a strong, decades-long friendship rooted in the Cold War era, contemporary analysis from late 2025 reveals a more complex picture. 

• Historical Reliability: Proponents of the "BFF" narrative point to Russia's consistent support during critical moments like the 1971 Bangladesh Liberation War and its long-standing role as India's primary defense supplier.
• Geopolitical Realities: Skeptics argue that in a changing global landscape, India's expanding ties with the West and Russia's closer alignment with China challenge the old dynamic. The relationship has largely become a government-to-government interaction, with little traction among India's new private sector elites.
• Transactional Elements: The current relationship is often described as transactional, largely centered on India's purchase of discounted Russian oil and military equipment amidst Western sanctions following the war in Ukraine.
• Shared Vision: Both nations still share a vision for a multipolar world order and coordinate closely in multilateral forums like BRICS and the SCO. 

Economic Foundation & Trae deficit

• Trade Volume & Targets: Bilateral trade hit a record $68.7 billion in the fiscal year 2024-25, a massive increase from pre-conflict levels. Both nations have set an ambitious target to reach $100 billion in annual bilateral trade by 2030.
• Key Sectors: The core of the trade is energy.

                India's imports are dominated by crude oil, petroleum products, fertilizers, and mineral fuels.
                Indian exports primarily include pharmaceuticals, agricultural products (like fish, shrimp, and tea), chemicals, and iron and steel.

• Investment & Finance: The target for bilateral investments is $50 billion by the end of 2025. Russian investments are concentrated in oil and gas, banking, and steel, while Indian investments in Russia are mainly in oil and gas and pharmaceuticals. The Reserve Bank of India implemented measures in August 2025 to allow Russian entities to invest accumulated rupee balances into Indian assets (government securities, bonds, infrastructure), helping manage Russia's rupee surplus problem and sustain trade flows outside of Western financial systems.
• Future Growth Areas: Both countries are exploring new long-term contracts in energy resources, promoting industrial cooperation, and accelerating negotiations on a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) to reduce tariffs and non-tariff barriers. 

Trade Deficit

The most prominent feature of the 2025 trade relationship is the significant imbalance, which is a major concern for India. 
Figures (FY 2024-25):

• India's Imports from Russia: $63.84 billion
• India's Exports to Russia: $4.88 billion
• Trade Deficit: ~ $59 billion (a 13:1 import-to-export ratio)

Reason for the Deficit: The deficit has widened dramatically due to India's sharp increase in purchasing discounted Russian crude oil following the Ukraine conflict and Western sanctions. Before 2022, Russia made up less than 1% of India's oil imports; by 2025, it accounted for over 37%.
Efforts to Rebalance: Both nations have acknowledged the imbalance and are actively working to correct it. Sectors identified for boosting Indian exports include consumer goods, automobiles, electronics, textiles, and services. Russian officials have committed to increasing imports from India and addressing the trade barriers through logistics, payments, and certification solutions.

The Geopolitical Context of Putin’s Visit

• Western Sanctions on Russia: Post-2022 Ukraine invasion, sanctions isolate Russia, prompting its pivot to Asia; India buys discounted Russian oil, becoming its top crude supplier, defying Western pressure.?
• US Pressure on India: Under President Trump, US imposes tariffs on India's Russian oil imports and urges reduced ties; Putin's visit tests New Delhi's balancing act between Washington and Moscow.?
• India's Strategic Autonomy: Visit reaffirms independent foreign policy, resisting bloc alignments; strengthens ties amid QUAD/Indo-Pacific partnerships diverging from Russia's China-Eurasia focus.?
• Russia's Anti-Isolation Signal: Demonstrates Moscow's enduring allies like India and China, promoting multipolar order via BRICS, SCO; first visit since 2022 invasion highlights resilience.?
• Defense Dependencies: 60-70% of India's military gear is Russian-origin; talks address supply delays, joint R&D in hypersonics/UAVs, BrahMos upgrades, and MRO hubs for readiness.?
• Energy and Trade Shifts: Push for long-term oil/gas contracts, non-USD payment mechanisms to bypass sanctions; aims to cut India's trade deficit and ensure energy security.?
• Eurasian Influence: Bolsters India's role in Central Asia/Arctic against China reliance; Russia supports India's UNSC bid, reinforcing "special and privileged" partnership since 2000.?
• Global Volatility Context: Amid energy price swings and geopolitical strains, summit (23rd Annual) updates bilateral agenda from Modi's 2024 Moscow trip for politics, defense, economy.?

Way Forward

• Economic Diversification: Prioritize non-energy exports from India like pharmaceuticals and machinery to Russia, while advancing rupee-ruble mechanisms, SPFS for payments, and a Free Trade Agreement with the Eurasian Economic Union to balance trade deficits and evade sanctions.?
• Defense Modernization: Extend military-technical cooperation to 2031, emphasizing joint R&D in AI, hypersonics, UAVs, BrahMos upgrades, and MRO hubs to address delivery delays from Ukraine conflict and support India's diversification.?
• Energy and Infrastructure: Secure long-term discounted oil/gas contracts, develop the Chennai-Vladivostok corridor, Arctic projects, and nuclear/renewable energy bridges for mutual security.?
• Technology and Space: Collaborate on GLONASS-NavIC integration, human spaceflight, AI/cybersecurity funds, and strategic projects in IT, pharma, and innovation via new working groups.?
• Multipolar Forums: Deepen BRICS/SCO coordination, open consulates in Kazan/Yekaterinburg, and support India's UNSC bid amid global volatility.?

Conclusion

The partnership, marking 25 years in 2025, remains resilient through annual summits like Putin's December visit, adapting to sanctions, US pressures, and China's rise via "sanctions-proof" ties in energy, defense, and tech for a multipolar world.
 

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