India is the world's top buyer of Russian arms and seaborne oil, while Putin's two-day visit is his first to the country since Russia launched its full-scale invasion of Ukraine in 2022.
"Putin's aggression against Ukraine put Modi in a very awkward position because India does not want to alienate its old friend Russia, but it also does not want to frustrate its newer partners such as the United States and Europe," Patryk Kugiel, an analyst with the Polish Institute of International Affairs (PISM) told Danuta Isler.
"India has tried to navigate and find a balance between old friends and new," he added.
US sanctions imposed last month on energy giants Rosneft and Lukoil have pushed Russian oil prices to multi-year lows, significantly reducing Kremlin war revenues as Asian refiners decided to curb purchases.
More than 10 major buyers in India and China have announced plans to halt purchases of Russian crude for December delivery—an indication that the sanctions are beginning to bite not only politically but in day-to-day market activity.
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