NEW DELHI: Russian President Vladimir Putin is set to hold talks with Indian Prime Minister Narendra Modi on Friday at an annual summit aimed at strengthening bilateral ties on the second day of his state visit.
The 23rd Russia-India Summit comes at a pivotal moment as the United States pushes for a Ukraine peace deal while seeking global cooperation. They will test New Delhi’s efforts to balance relations with Moscow and Washington as the nearly four-year war in Ukraine grinds on.
Putin was received by Modi at an airport in New Delhi on Thursday, who gave the visting leader a bear hug and a tight handshake with the gusto of an old friend.
According to Indian officials involved in the preparation for the summit, the agenda includes talks on defense, energy and labor mobility.
While India has historically maintained deep ties with Russia, critics say Putin’s visit could strain relations with the European Union and the United States and might jeopardize negotiations for major trade agreements with both that are seen as critical for India’s exports.
US President Donald Trump raised tariffs on Indian goods to 50 percent in August, citing New Delhi’s discounted Russian oil. India has been the second biggest importer of Russian crude after China.
The US says purchases of Russian oil help finance Moscow’s war machine. In October, US sanctioned two of Moscow’s biggest oil producers to force countries like India to cut down on imports. Indian officials have said New Delhi has always abided by international sanctions and would do so in the case of Russia oil purchases as well.
India and the US set a target for the first tranche of a trade deal by the fall, but the deal hasn’t come through yet amid strains in relations.
India is also in the final stages of talks on a trade agreement with the EU, which sees Russia’s war in Ukraine as a major threat.
In his meeting with Putin, Modi is likely to push for faster delivery of two further more Russian S-400 surface-to-air missile systems. It has already received three under a 2018 deal worth about $5.4 billion. The delay has been tied to supply chain disruptions linked to the war in Ukraine.
The two sides signed a pact in February to improve military cooperation, exercises, port calls, disaster relief assistance and logistics support. Moscow’s State Duma ratified the same ahead of Putin’s India visit.
Talks are also expected on upgrading India’s Russian-made Su-30MKI fighter jets and accelerating deliveries of critical military hardware.
Trade is also expected to be a major point in talks.
Bilateral trade between the two countries stood at $68.7 billion in the last fiscal year ended March, while the aim is to boost it to $100 billion by 2030. The trade is heavily skewed in favor of Russia with deep deficits for India, which it is looking to bridge by pushing exports.
India is keen to increase exports of pharmaceuticals, agriculture and textiles to Russia and is seeking the removal of non-tariff barriers. New Delhi is also seeking long-term supplies of fertilizers from Moscow.
Another key area where the two countries are expected to finalize an agreement is the safety and regulation of migration of Indian skilled workers to Russia.
Putin last visited India in 2021. Modi was in Moscow last year, and the two leaders briefly met in September in China during a Shanghai Cooperation Organization summit.