Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin at the Shanghai Cooperation Organization summit on August 31, 2026, where he called for an end to the war in Ukraine and a cessation of hostilities. Modi emphasized India's support for peace efforts in the region and stressed that the ongoing conflict pushes humanity backward every day. His remarks come amid escalating Russian attacks on Ukraine's energy infrastructure, with Russia recently planning large-scale strikes that raise concerns about a harsh winter for Kyiv.

As part of the broader geopolitical context, the United States is pushing forward legislation known as the Graham bill, expected to be finalized in the U.S. House later this month. The bill proposes tariffs up to 100% on countries that rank among the top buyers of Russian oil and gas, including major energy consumers like China and India. This legislative move is aimed at further isolating Russia economically due to its actions in Ukraine, disrupting global energy trade flows.

India has increasingly relied on Russian crude oil as supply disruptions linked to the Iran war have contributed to a worldwide energy shortage. Russian crude accounted for over half of India's imports in June and July 2026 and nearly 43% through late August. Between April and July, Indian imports from Russia surged over 60% year-over-year, reaching more than $34 billion in value, underscoring Russia’s growing role in India’s energy market despite international pressures.

During the summit conversation, Putin pointed to the growth in bilateral trade between India and Russia, though he acknowledged a slight decline last year. Meanwhile, the U.S. had imposed punitive tariffs on India starting in August 2025, partially reduced earlier this year, to deter energy dealings with Russia. The U.S. is concurrently trying to encourage India to increase purchases of Venezuelan crude as an alternative to Russian oil, reflecting the complex intersection of diplomacy, trade, and energy security amid ongoing global tensions.