Title page

Contents

Abstract 5

Résumé 6

Introduction 8

Impact of war: the strategic partnership in a hybrid mode 10

The political dialogue: weaker than before the war? 10

The shades of India's diplomatic neutrality on the Russia-Ukraine war 12

Geopolitical views at odds? 16

Uneasy equilibrium in disassembled Eurasia 16

The illusions of the Indo-Pacific connect 18

Challenges for further bilateral engagement 21

Mired down in issues: the changing patterns of defense partnership 21

Trade and economic ties: progress with a caveat 23

Unresolved bottlenecks: in search for new financial settlements 25

Oil connection: a win-win? 27

Conclusion 29

Annex 30

Table 1. India's exports to and imports from Russia (in USD billion) 24

Table 2. The largest suppliers of crude oil to India 28

Table 3. Political and diplomatic interactions between Russia and India (24 February 2022-March 2024) 30