Putin and Modi discuss bilateral ties at SCO summit
DiplomacyComments
The suggestion that abandoning Russian ties causes economic instability is slightly imprecise. The primary friction is actually the Rupee-Ruble settlement mechanism, where India has accumulated massive surpluses that Russia cannot easily utilize.
Supporting the OP's point on calculated risk: trade data indicates India's imports of Russian oil remained high despite sanctions, providing a critical hedge against domestic inflation.
The technicals of payment systems are one thing, but for the actual importers, the real bottleneck is the lack of insurance for tankers. These bilateral talks are more about solving those logistical hurdles than high level theory.
modi is reacting to the mecca defense agreement as much as he is balancing the west.
If the Mecca Defense Agreement is the primary driver here, would India be more likely to seek a formal security pact with the US to offset it, rather than maintaining an ambiguous relationship with Russia?