India dismisses report of new $2 billion submarine deal with Russia, calls it 'misleading'

Prime Minister Narendra Modi will receive Russian President Vladimir Putin arriving in Delhi on Thursday evening

The Centre on Thursday dismissed a news report claiming India had clinched a fresh $2 billion submarine deal with Russia ahead of President Vladimir Putin’s visit.

"The headline of an article by@Bloomberg claims that 'India Clinches $2 Billion Russia Submarine Deal as Putin Visits.'#PIBFactCheck❌The claim made in this headline is misleading!✅ No new deal has been signed between India and Russia," Fact check unit of the Press information Bureau posted on X.

The headline of an article by @Bloomberg claims that 'India Clinches $2 Billion Russia Submarine Deal as Putin Visits.'#PIBFactCheck

:x:The claim made in this headline is misleading! :white_check_mark: No new deal has been signed between India and Russia. :white_check_mark: The submarine lease is based on… pic.twitter.com/huNTik8GJh — PIB Fact Check (@PIBFactCheck) December 4, 2025

According to the X post, the submarine lease is based on an old contract that was signed in March 2019. "There has been a delay in the delivery, and the new delivery is scheduled for 2028," it said.

The Bloomberg report stated that talks between the two sides over the submarine lease had slowed over pricing issues. Bloomberg had also quoted sources as saying that Indian officials visited a Russian shipyard in November, helping both sides reach a final understanding.

Putin's visit also comes at a time when India is negotiating a trade deal with the US to reduce steep 50 per cent tariff rates imposed by President Donald Trump. It was part of Washington’s effort to push India to curb purchases of Russian oil.