India and Russia are deepening their strategic and economic ties within the BRICS framework, a bloc representing 45% of the global population and 30% of GDP, now expanded to include Egypt, UAE, and Iran. Rooted in Cold War-era ties, their partnership has evolved since India’s 1990s economic reforms, with the 2024 BRICS Summit reinforcing cooperation in energy, trade, and finance. Unlike Russia and China, who see BRICS as a counter-Western alliance, India views it as a platform for a multipolar world and greater representation for emerging economies.
Bilateral trade soared to $65 billion in 2023, up 1.8 times since 2022, with India becoming Russia’s second-largest trading partner amid the Ukraine war, fueled by discounted Russian oil (40% of India’s imports by June 2024). Russia remains India’s top arms supplier at 36% of imports in 2023, though this has declined from 76% a decade ago due to India’s “Make in India” push and diversification. Both nations advocate for de-dollarisation and stronger South-South ties within BRICS.
Geopolitically, India balances Russia’s anti-Western stance with its multi-alignment strategy, distancing from forums like the SCO while engaging in G20 and Quad. Russia, facing Western sanctions, relies on India as an alternative to China’s dominance in BRICS. Leaders Putin and Modi, having met 17 times in a decade, are exploring visa-free travel. India’s potential mediation in Ukraine and its role in countering China’s influence underscore the partnership’s strategic value. Despite challenges like trade imbalances and differing ideologies, India and Russia remain key allies navigating a shifting global order.
