Russian President to visit India, meet Modi on Dec. 5, Pg12

Key Highlights:

• Russian President Vladimir Putin will meet with Indian Prime Minister Narendra Modi in India on December 5 for the 23rd annual India-Russia summit.
• This is President Putin’s first visit to India since 2021 and the Russian invasion of Ukraine in February 2022.
• India's imports of Russian oil saw a 16% decline in September 2025 compared to September 2024.
• Discussions will include strategic and connectivity issues, trade balance, the Ukraine war, and Indian defence purchases from Russia.

Detailed Insights:

• Dmitry Patrushev, Russian Deputy Prime Minister, recently met with Mr. Modi to discuss economic issues, including a potential Free Trade Agreement and agricultural trade.
• India's decreased Russian oil imports may indicate a diversification of oil sources due to U.S. penalty tariffs of 25%.
• The SCO Summit in Tianjin on September 1 was one occasion when Modi and Putin spoke directly, in addition to two telephone conversations.
• India previously reduced oil imports from Iran and Venezuela in 2018 due to the threat of U.S. sanctions, increasing imports from the U.S. instead.
• Increased oil production by OPEC countries could potentially lower prices from alternative sources.

Key Concepts Involved:

• Free Trade Agreement: An agreement between two or more countries to reduce trade barriers such as tariffs and quotas.
• OPEC: A group of oil-producing nations that coordinate their petroleum policies.
• Sanctions: Penalties imposed by one country on another, often for political reasons.