India-Russia Relations: Strengthening Strategic Ties Amid Global Challenges

India and Russia are bolstering their longstanding partnership by addressing trade imbalances, enhancing cooperation in energy, agriculture, and technology, and increasing Indian exports. External Affairs Minister Dr. S. Jaishankar highlighted strategic autonomy in energy procurement, defending India’s purchase of discounted Russian oil despite global criticism. He rejected U.S. allegations of profiteering, emphasizing India's decisions prioritize national and global interests. Amid geopolitical challenges, both nations aim to strengthen ties through resilient economic systems and high-level engagements, reaffirming their "special and privileged strategic partnership.”

India continues to solidify its longstanding partnership with Russia, underscoring the importance of mutual cooperation in trade, energy, and diplomacy. External Affairs Minister Dr. S. Jaishankar recently reaffirmed the commitment of both nations to deepening economic and political ties, even as global dynamics present unique challenges.

Expanding Trade and Addressing Imbalances

During a meeting with Russian Foreign Minister Sergey Lavrov, Jaishankar emphasized the need for a balanced and sustainable approach to bilateral trade. Noting the significant trade imbalance, he highlighted the importance of increasing Indian exports to Russia in key sectors such as agriculture, pharmaceuticals, and textiles.

“We reaffirmed our shared ambition to expand bilateral trade in a balanced and sustainable manner,” said Jaishankar. He stressed the need to address non-tariff barriers and regulatory hurdles to facilitate this growth.

The meeting served as an opportunity to review a wide range of bilateral issues, including trade, economic investments, defense, science and technology, and people-to-people exchanges. Jaishankar noted that guidance from the leadership of both nations has been instrumental in nurturing the "special and privileged strategic partnership" between India and Russia.

Building Resilience in Economic Cooperation

Russia's Foreign Ministry outlined plans to enhance bilateral cooperation, particularly in creating robust transport, logistics, banking, and financial systems. These efforts aim to insulate economic links from external pressures, including sanctions imposed by unfriendly nations. Increasing the use of national currencies in mutual settlements is also a priority.

Discussions during Jaishankar's visit also focused on expanding partnerships in energy, agriculture, and technology. These collaborations are seen as critical to bolstering the economic resilience of both countries.

Navigating Global Criticism

India's energy ties with Russia have drawn criticism from some quarters, particularly the United States. Recently, Washington accused New Delhi of running a "profiteering scheme" by purchasing discounted Russian crude oil and selling refined products at premium rates.

Jaishankar firmly rejected these allegations, asserting that India's decisions are guided by national and global interests. “It’s funny to have people who work for a pro-business American administration accusing others of doing business,” he remarked at the Economic Times World Leaders Forum.

He pointed out the hypocrisy in such criticism, noting that Europe and the United States also buy Russian energy. Additionally, he questioned why similar scrutiny is not applied to China, the largest importer of Russian crude oil, or the European Union, which maintains a significant energy trade with Russia.

“The Russia-European Union trade is bigger than India-Russia trade. So, is Europe not putting money into Putin’s coffers?” Jaishankar asked.

Strategic Autonomy in Energy Procurement

India's procurement of Russian oil has surged in recent years, growing from a mere 1.7% of its total oil imports in 2019-20 to 35.1% in 2024-25, making Russia India's largest oil supplier. This shift was driven by Western sanctions on Moscow following its invasion of Ukraine in 2022, which created opportunities for India to buy Russian oil at discounted rates.

Jaishankar defended this strategy, stating that it aligns with India's national interests and contributes to global oil market stability. “In my business, we would say that’s what strategic autonomy is about,” he said, emphasizing India’s right to make decisions independently.

Strengthening the Partnership Despite Challenges

Jaishankar’s visit to Moscow comes amid strains in India’s relations with the United States, particularly after former President Donald Trump doubled tariffs on Indian goods and imposed penalties for purchasing Russian crude oil. Nonetheless, India remains committed to its partnership with Russia, advocating for dialogue and diplomacy to resolve the ongoing Russia-Ukraine conflict.

Both nations continue to prepare for high-level engagements, including the annual summit, to further consolidate their strategic partnership. As Jaishankar aptly noted, India and Russia have maintained one of the steadiest relationships in the world since the Second World War—a testament to their enduring bond.

Despite external pressures and global criticism, India and Russia remain steadfast in their commitment to deepening their partnership. By addressing trade imbalances, enhancing economic cooperation, and asserting strategic autonomy, India is charting a path that prioritizes its national interests while contributing to global stability.