Putin locked in for December 5 India visit, Modi meeting despite U.S. pressure
Russian President Putin will land in India on December 5, three weeks from now, to meet with Prime Minister Narendra Modi, even as Donald Trump escalates pressure to drive a wedge between Moscow and New Delhi.
The visit, confirmed by Roscongress, includes Putin’s attendance at the Russia‑India Forum’s plenary session in New Delhi that week.
But Trump’s administration is pushing for a trade realignment, while Putin aims to tighten ties with India, one of the few major countries still doing business with Russia despite its war on Ukraine, according to Bloomberg.
During an October phone call, Modi and Putin reportedly made it clear they weren’t planning to step back from their long-standing partnership.
India’s government said the two leaders expressed commitment to expand their “special and privileged strategic partnership,” sidestepping the elephant in the room (Ukraine) and focusing instead on trade, energy, and geopolitics.
The call came weeks after Trump slapped a 50% tariff on Indian exports, demanding that India stop buying cheap Russian oil. New Delhi didn’t budge.
Trump pressures India with tariffs and trade deal talk
Trump told reporters this week that the U.S. and India were “pretty close” to reaching a trade agreement. He also claimed that India had begun to scale down its purchases of Russian crude.
Since Russia invaded Ukraine in early 2022, India has taken full advantage of discounted barrels from Putin’s government. But Trump has been on a mission to choke off that revenue stream, hoping tariffs will force India’s hand.
Washington’s pressure hasn’t changed Delhi’s position though, cause India has repeatedly made it clear that it won’t compromise on energy security. While it has diversified some of its oil imports, Russian supplies still remain a core part of the mix.
What’s changed now is that Trump, facing political heat at home, is dangling tariff relief if Modi steps away from the Kremlin. And so far, Modi doesn’t seem interested in being a pushover, and the Putin summit will only make it that much harder for India to pretend it’s ready to break up.
The International Criminal Court issued an arrest warrant back in March 2023 for Putin, which has prevented Putin from traveling to most Western countries. But since India isn’t a member of the Rome Statute, it’s not bound to comply. That’s why Putin can show up in New Delhi without fear of being arrested.
The last time Putin, Modi, and Chinese President Xi Jinping met in person was at a summit hosted by Xi in Tianjin back in September. The three leaders were seen speaking casually and laughing together, as Cryptopolitan reported.
Russia plans yuan bond sale as economy bleeds
Meanwhile, the Kremlin is still scrambling to patch its finances. On December 2, Russia’s Finance Ministry will open bids for its first-ever yuan-denominated government bonds.
Each bond will be worth 10,000 yuan, with maturities between three and seven years, and interest payments every 182 days. These fixed-coupon bonds are designed to bring in foreign investors as Russia faces declining oil income and record military costs.
The country’s budget shortfall is expected to hit 5.7 trillion rubles, or roughly $70.3 billion, equal to about 2.6% of GDP. Oil revenue has been slipping, while military spending has shot through the roof.
The Finance Ministry had looked into yuan-based bonds, known as OFZs, long before the West began imposing sanctions. Now, with sanctions in full swing, Russia’s turning to China’s currency to survive.
The actual pricing and total size of the bond sale will be announced after the bookbuilding process, but the government has already locked in the technical placement for December 8 on the Moscow Exchange. Investors will be able to buy in either yuan or rubles, depending on what suits them. This gives the Kremlin flexibility as it tries to dodge Western financial systems entirely.
The bond sale is being organized by Gazprombank, Sberbank, and VTB Capital Trading, three major Russian institutions with strong links to the state.
These guys have taken the lead on financial operations since sanctions hit, keeping the wheels turning inside Russia’s battered economy.
By moving into yuan territory, they’re helping Putin fund both his domestic budget and ongoing military efforts without relying on U.S. dollars or euros.
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