Datanomics: Trade, energy and defence in focus as Putin visits India

With oil imports down and arms reliance shrinking, summit eyes energy security, S-400, and a $29 billion trade deficit

Russian President Vladimir Putin is set to visit India for two days starting Thursday for the India-Russia Annual Summit. The meeting assumes significance against the backdrop of the US sanctions on Russian energy imports by India. Trade, defence, and energy likely to be discussed by both sides.    

Only 1% of India’s exports are Russia-bound 

India’s exports to Russia accounted for only over 1 per cent ($2.24 billion) of its total exports in H1FY26. Meanwhile, imports from Russia totalled $31.11 billion, with petroleum oil accounting for nearly three-fourths of the total imports. 

 

  

 

 

Decline in Russian arms 

 

While negotiations on Sukhoi-57 and the S-400 air defence systems are expected, India’s reliance on Russian arms imports has fallen from 66 per cent in 2000 to nearly 40 per cent in 2024. 

   

 

 Energy imports from Russia down in FY26

 

India’s energy imports from Russia fell in the first seven months of FY26, even before the US levied sanctions on the use of Russian energy. Imports of petroleum crude and related products were at 27.56 per cent, a decline from 30.81 per cent in same period last year (FY25).