Russian senior diplomat Ushakov says President Putin and Indian PM Modi discussed Ukraine during talks in New Delhi

India has consistently used such meetings to secure discounted crude supply and to test the limits of secondary sanctions enforcement, and episodes of this kind have mattered to markets mainly through what they signal about the durability of Russian export volumes rather than any progress toward a ceasefire. The line worth isolating is the suggestion of a three-way Putin, Trump, Xi meeting, since ad hoc summit proposals floated through aides rarely convert on the first mention, but repeated floating has historically been a tell that groundwork is being laid and tends to precede tangible formats. The actors' prior form cuts both ways: Kremlin readouts have routinely overstated diplomatic momentum, while Trump has shown a willingness to entertain leader-level formats without preparation that peers would not. The follow-ons are any confirmation from Washington or Beijing, movement on India crude flows or sanction waivers, and whether Ukraine language migrates from boilerplate into a named format or date. Absent those, this sits in the category of positioning rather than event.