India has signed a decade-old agreement to lease a Russian nuclear-powered attack submarine for approximately **$2 billion**. The agreement comes as President Vladimir Putin arrives for the 23rd India-Russian Annual Summit, sources confirmed to Bloomberg. The government clarified that no new agreement has been signed; Rather, it extends the 2019 contract for the Akula-class vessel, INS Chakra III (K-519 Iribis), which is now scheduled for delivery in 2028 after delays due to the Ukraine war and sanctions.
The 10-year lease, similar to the INS Chakra II returned in 2021, focuses on training and operational expertise for India’s new nuclear fleet, except for wartime use. This includes maintenance support, strengthening underwater deterrence amid China’s growing Indo-Pacific presence—where Beijing operates 12 nuclear submarines while India operates two indigenous SSBNs (Arihant and Arighat). The delivery may be delayed by more than two years due to repair work at Russia’s Amur Shipyard, where Indian teams conducted inspections in November.
Putin will land on Thursday evening—his first visit to India since 2021 and the Ukraine invasion—to have a one-on-one dinner with PM Narendra Modi to mark 25 years of the 2000 strategic partnership. Friday’s agenda: Rashtrapati Bhavan Guard of Honor and Murmu meeting (11 am), tribute to Gandhi at Rajghat, two-way talks at Hyderabad House (from 11 am), and a government banquet. In a late departure, Putin will travel with business leaders to address India’s $50B+ trade deficit, targeting exports in pharma, auto and agriculture.
The summit will review bilateral progress, vision for the relationship and global issues such as Ukraine peace—amid trade worth $68.7B in FY25. Expected: 10 inter-governmental documents, 15+ MoUs in shipping, health, fertilizers, connectivity; Ratification of RELOS Logistics for Joint Operations; S-400/Su-57 interaction. This is happening after Modi’s July visit to Moscow and the Tianjin SCO meeting in September.
The lease will bridge the gap until India’s ₹40,000 crore SSN project matures, thereby enhancing triad capabilities with SLBMs such as the K-5/K-6.
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