Oil, Tariffs, and Trade Targets: The Economics of Putin’s India Visit

In this paper, we discuss:

• December 2025 visit to India as an effort to preserve strategic continuity amid war, sanctions, and global realignment;
• India’s use of the summit to assert strategic autonomy, signalling that US tariffs and sanctions pressure will not dictate its foreign policy;
• Energy ties as central but increasingly shaped by market conditions, sanctions risk, and India’s diversification strategy;
• Russia’s limited short-term gains, with the 2030 cooperation framework institutionalising ties despite constrained trade and investment outcomes.

Download PDF: Putin and India – January 2026