India has maintained a careful diplomatic stance amid the ongoing conflict between Russia and Ukraine, emphasizing its commitment to peace while refraining from openly criticizing Moscow. Since Russia launched its full-scale invasion of Ukraine in early 2022, New Delhi has significantly increased its crude oil imports from Russia, capitalizing on discounted prices amid Western sanctions.

Data show that between 2022 and 2025, India is projected to import approximately $172 billion worth of Russian crude oil, a dramatic rise from just $2.3 billion in 2021. Indian refiners have processed much of this oil and subsequently exported refined petroleum products to Western markets, generating an estimated $15 billion to $20 billion over the same period. This activity has reportedly yielded an additional $2 billion to $4 billion in annual profits for Indian companies.

The Indian government has characterized its ties with Russia as a “special and privileged strategic partnership,” highlighting a longstanding relationship strengthened by recent interactions. Prime Minister Narendra Modi was awarded Russia’s highest honor, the Order of St Andrew, two years ago, reflecting a close alignment between the two countries.

This growing economic cooperation has coincided with mounting tensions between Russia and the West. Russian President Vladimir Putin has reportedly expressed unease over the resilience of European countries and the United Kingdom, issues that some analysts link in part to Russia's efforts to maintain key alliances as it faces geopolitical pressure stemming from the Ukraine conflict.

India’s approach reflects a strategic balancing act, seeking to preserve its energy security and economic interests while navigating the complex diplomatic landscape shaped by the war in Europe and differing international positions.