New Delhi, India - Amidst a complex geopolitical landscape, Russian President Vladimir Putin has affirmed the reliability of Indian oil companies as key partners in the global energy market. Speaking during his state visit to India on December 4, 2025, Putin addressed concerns about the impact of Western sanctions and trade dynamics between the two nations.
Putin's visit to New Delhi for the 23rd India-Russia Annual Summit underscores the strengthening economic and strategic ties between the two countries. Bilateral trade reached $68.7 billion in the fiscal year 2024-25, a nearly sixfold increase from pre-pandemic levels, and both governments aim to increase this to $100 billion by 2030. While trade heavily favors Russia, with imports dominated by crude oil, petroleum products, fertilizers, and minerals, both countries are working to balance the deficit and boost Indian exports.
"India has always purchased Russian oil. It didn't start yesterday, and it will continue tomorrow. This is a long-standing relationship based on reliability and mutual benefit," Putin stated, dismissing what he described as "Western narratives" politicizing energy markets. He highlighted that Russia views India as a stable and predictable market, contrasting it with Europe, which Russia accuses of breaking contracts due to political pressure.
India has emerged as the second-largest buyer of Russian oil, after China, accounting for almost 40% of Russia's exports. This has provided Moscow with a crucial revenue stream despite Western sanctions. While India defends its right to purchase oil from wherever it is cheaper, this has drawn scrutiny from the United States and Europe.
In October 2025, the United States announced sanctions on Rosneft and Lukoil, Russia's state-owned oil companies, leading to concerns about a reduction in Russian oil exports to India. Indeed, India's imports of Russian oil are expected to fall by about a third in December, from 1.8 million barrels per day in November to 1.2 million barrels per day. However, two state-run oil refiners in India have resumed purchasing Russian oil from non-sanctioned entities, indicating a continued interest in Russian crude.
Putin addressed Washington's concerns directly, pointing out that the U.S. continues to buy nuclear fuel from Russia. "If the US has the right to buy our fuel, why shouldn't India have the same privilege?" he questioned. He also lauded Prime Minister Narendra Modi as a leader who "is not someone who succumbs to pressure easily," emphasizing India's sovereign right to make decisions based on its national interests.
The India-Russia partnership extends beyond energy, encompassing defense, trade, and nuclear energy. Russia remains India's biggest supplier of military hardware, and the two countries are exploring deals for SU-57E stealth fighters, advanced BrahMos missiles, and the S-400 air defense system. Both sides are also keen to ramp up cooperation in civil nuclear energy, including collaboration on small modular reactors.
Despite the complex global environment and pressure from the United States, Putin's statements and visit to India signal a continued commitment to strengthening the economic partnership between Russia and India, with the oil industry playing a central role. Both nations are focused on safeguarding their respective interests and deepening cooperation across various sectors.
