India continues to strengthen economic ties with Russia - ISW
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin (photo: Getty Images)
India continues to maintain and strengthen its economic relations with Russia. This is happening despite recent attempts by the country to reduce its dependence on Russia as a security partner, reports the American Institute for the Study of War (ISW).
Before publishing their findings, analysts noted that on December 12, Reuters reported that Russia's Rosneft and India's Reliance Industries signed a historic 10-year agreement. Under the deal, Russia will supply India with 500,000 barrels of oil per day, totaling about $13 billion per year.
Thus, since the full-scale war between Russia and Ukraine began, India has benefited from cheap Russian energy resources and subsequent stations, eventually becoming the largest importer of Russian oil.
ISW conclusions
Analysts note that recently India has made efforts to reduce its dependence on Russian military cooperation, strengthen ties with the West, and distance itself from overtly pro-Russian rhetoric regarding the war in Ukraine.
At the same time, India continues to balance these steps by maintaining strategic and economic relations with Russia, which align with its national interests.
According to Swasti Rao, Associate fellow at the Center for Europe and Eurasia at the Manohar Parrikar Institute for Defence Studies and Analyses, India is prepared to move away from Russian oil. This could become a reality if another supplier offers New Delhi lower prices.
