Putin Promises Steady Fuel Supply to India Amid Strengthening Ties

Russian President Vladimir Putin has pledged to ensure a steady supply of fuel to India, reinforcing the growing bilateral ties between the two nations. During a press conference with Prime Minister Narendra Modi, Putin emphasized the commitment to uninterrupted fuel shipments, coinciding with the signing of multiple agreements across various sectors. As both countries aim to boost their trade to $100 billion by 2030, Commerce Minister Piyush Goyal highlighted the need for a balanced trade portfolio. With India becoming a major buyer of Russian oil, the recent sanctions have prompted discussions on diversifying trade. This article delves into the implications of these developments for India-Russia relations.

By Narendra Chaudhary Dec 5, 2025, 15:59 IST

Strengthening India-Russia Relations

New Delhi, Dec 5: On Friday, Russian President Vladimir Putin assured India of consistent fuel supplies, emphasizing the commitment to enhance bilateral relations between the two nations.

During a joint press conference with Prime Minister Narendra Modi, Putin stated, "We are prepared to maintain uninterrupted fuel shipments to support the expanding Indian economy."

This declaration coincided with the signing of several agreements across various sectors, including fertilizers, food safety, shipping, and maritime logistics. Prime Minister Modi underscored the importance of economic collaboration, noting that, "India and Russia have established an economic cooperation program aimed at increasing trade until 2030."

Kremlin spokesperson Dmitry Peskov indicated earlier this week that Russia anticipates a resurgence in oil exports to India, viewing the recent decline attributed to Western sanctions as a temporary setback. He remarked, "There may be minor, short-lived reductions in oil trade volumes."

India emerged as the leading buyer of Russian seaborne oil following the Ukraine conflict but has recently reduced crude imports due to US sanctions affecting major Russian companies like Rosneft and Lukoil.

In response, Europe has also imposed sanctions on the acquisition of petroleum products derived from Russian crude.

For the fiscal year 2023–24, the trade volume between India and Russia reached $65.70 billion, with Indian exports totaling $4.26 billion and imports at $61.44 billion. The two nations aim to elevate this trade figure to $100 billion by 2030.

Commerce and Industry Minister Piyush Goyal emphasized the need for India and Russia to collaborate in diversifying and balancing their trade portfolio, highlighting the significant potential within their economic partnership.

At the India-Russia Business Forum, Union Minister Goyal stated, "Bilateral trade is approaching $70 billion, but we must not become complacent; we need to continue growing and achieving balance."

In FY25, India's primary imports from Russia included crude oil valued at nearly $57 billion, animal and vegetable fats and oils at $2.4 billion, fertilizers at $1.8 billion, and pearls, precious, and semi-precious stones at $433.93 million.