India's US Tilt Won't Break Russia Ties: Defence Links Remain Deep

• India's growing alignment with the US is unlikely to lead to a full break from Russia, despite moderating oil purchases.
• Defence ties remain deeply embedded, with Russia accounting for 36.5% of India's defence imports between 2019-2024.
• Dependence is particularly high in armoured vehicles (95%) and missiles (41%), with joint production like BrahMos further strengthening links.
• While oil imports from Russia have fluctuated, reaching a 3-year low of 24% in December, defence dependence is harder to unwind.
• Russian investment in India has risen by 30% since FY15, reaching $1.3 billion in 2024, despite a drop in its FDI ranking.