President Vladimir Putin’s visit for the 23rd India–Russia Annual Summit comes at a time when global power balances are in flux. The meeting signals continuity in a relationship shaped by energy, defence, and strategic alignment. It also reflects the slow movement of the global system toward a more multipolar economic order. The United States remains the world’s largest economy, with GDP of about $30 trillion—roughly 26% of global output in 2024, according to the IMF. Yet Washington’s recent tariff actions and energy sanctions reveal the anxiety created by fast-growing Asian economies and the expanding BRICS grouping.

Energy lies at the heart of this churn. Oil shapes trade flows, security alignments, and the resilience of global value chains. It also defines Russia’s economic strength and India’s import dependency. The policy question is how India can preserve strategic autonomy while securing affordable energy in an uncertain world.

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