Modi Urges Putin to End Ukraine War as US Rules Out Economic Relief for Russia

Speaking on the sidelines of the Shanghai Cooperation Organization summit in the Kyrgyz capital on Monday, Modi urged Putin to pursue peace, according to a Kremlin transcript of their exchange. ‘Every day that the war continues, humanity is, in effect, set back a step, whilst every step towards peace gives all of humanity real hope for peace,’ Modi said. He added that India supports all peace efforts and called for a move ‘from endless war to an end to the war, to a cessation of hostilities’.

Putin thanked the Indian leader and said ‘we are moving forward along this path’. The Kremlin later said Putin had briefed Modi on the progress of Russia’s ‘special military operation’, state news agency TASS reported.

India, along with China, has been one of the largest buyers of discounted Russian oil since the full-scale invasion of Ukraine in 2022, helping Moscow cushion the impact of Western sanctions. Modi’s remarks continue India’s longstanding policy of strategic autonomy — urging dialogue without taking sides.

Separately, US Treasury Secretary Scott Bessent met bilaterally with Russian Finance Minister Anton Siluanov on the margins of a G20 finance leaders meeting in Asheville, North Carolina. A source familiar with the meeting said Bessent told Siluanov that agreements on other issues were impossible unless the war in Ukraine ended. The meeting marked Siluanov’s first in-person G20 appearance since Russia invaded Ukraine, and his presence irritated European officials who are working on further sanctions.

Why This Matters

Modi’s public appeal, though in line with India’s neutral stance, applies pressure on Russia from a key ally ahead of winter.
The US Treasury’s clear condition — no relief until war ends — signals Washington will not ease sanctions without a ceasefire.
The dual diplomatic push highlights growing international impatience with the prolonged conflict, now in its fifth year.

Background

India has maintained a balancing act since Russia’s 2022 invasion: it condemns violence but has not imposed sanctions, instead buying discounted oil and deepening economic ties. New Delhi argues dialogue, not isolation, is the path to peace. The SCO summit in Bishkek provided a platform for Modi to reiterate that position directly to Putin, as he did in 2022 at a regional summit. The G20 meeting in the US brought the economic dimension to the fore, with Western allies continuing to pressure Russia.

Key Perspectives

India: Calls for peace while preserving strategic autonomy; no shift in policy expected. Russia: Acknowledges Modi’s appeal but insists on ending the war on its own terms, which Ukraine rejects as capitulation. United States: Uses economic leverage to demand an end to hostilities, insisting no progress on other issues until war stops. Ukraine (absent from these talks): Has dismissed previous Russian peace conditions as unacceptable; continues to seek Western military and financial support.

What to Watch

Any concrete steps from Russia following Modi’s appeal — signals of willingness to negotiate.
Continued US and European sanctions enforcement, especially around oil price caps.
Outcome of the SCO summit: whether other members join India’s call for de-escalation.
Ukraine’s response to any indirect pressure from its backers to enter talks.

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