Overview

India's relations with Russia and Europe represent two distinct but interlinked pillars of its foreign policy. India-Russia ties rest on a Special and Privileged Strategic Partnership built over seven decades of defence, nuclear, and energy cooperation. India-Europe relations, meanwhile, have gained new momentum through trade agreements, technology councils, and green partnerships. Balancing these relationships while maintaining strategic autonomy --- especially amid the Ukraine conflict --- is a central challenge for Indian diplomacy.

For UPSC, these relationships are tested in GS-II through questions on defence dependency, energy security, trade diversification, and India's multi-alignment strategy.


Part I: India-Russia Relations

Historical Foundation

MilestoneYearSignificance
Diplomatic relations1947Soviet Union was among the first countries to recognise independent India
Indo-Soviet Treaty of Peace, Friendship and Cooperation9 August 197120-year treaty providing for mutual consultations in case of attack; crucial during the 1971 Bangladesh Liberation War when the USSR vetoed anti-India resolutions at the UNSC
Treaty renewed8 August 1991Extended for another 20 years
Declaration on Strategic Partnership2000Signed during President Putin's first India visit
Special and Privileged Strategic Partnership2010Elevated during PM Manmohan Singh's visit to Moscow; highest-level partnership designation India accords any country

For Mains: The 1971 Indo-Soviet Treaty was a turning point in India's non-alignment policy. It was prompted by the US-China-Pakistan nexus (Nixon's opening to China, US arms supplies to Pakistan) and provided a security guarantee that proved vital during the Bangladesh Liberation War. The treaty's Article IX provided for mutual consultations in case of military threat.


Defence Cooperation

India-Russia defence ties represent the most extensive military-technical partnership between any two countries outside formal alliances.

Major Defence Platforms

Platform / SystemDetail
S-400 TriumfFive regiments contracted (2018) for ~USD 5.4 billion; all five delivered by 2024; India preparing additional USD 1.2 billion deal for missile replenishment (2025); system performed during Operation Sindoor
BrahMosIndo-Russian joint venture (BrahMos Aerospace); supersonic cruise missile with 290+ km range; deployed across Army, Navy, and Air Force; export to Philippines completed; BrahMos-NG (lighter, 400+ km range) under development
BrahMos-IIHypersonic missile (up to Mach 7, ~1,500 km range); project approval expected by end of 2025; flight testing projected 2027--28; full induction by ~2031
Sukhoi Su-30MKI272 aircraft inducted; license-produced by HAL in Nashik; backbone of Indian Air Force
INS VikramadityaAircraft carrier (modified Kiev-class); inducted 2013
Kudankulam Nuclear Power PlantRussian-built VVER-1000 reactors in Tamil Nadu; Units 1 and 2 operational (2013, 2016); Unit 3 in pre-commissioning (expected 2026); Units 4, 5, 6 under construction; total 6,000 MW capacity when complete
T-90 Bhishma tanksOver 1,000 tanks in service; licensed production at HVF Avadi, Chennai
AK-203 rifles6.71 lakh rifles to be manufactured at Indo-Russian Rifles Private Ltd. in Amethi, Uttar Pradesh
Krivak-class frigatesFour guided-missile frigates ordered: 2 built in Russia (Admiral Grigorovich-class), 2 to be built in India at Goa Shipyard Ltd. under joint production
RELOS AgreementReciprocal Exchange of Logistics Support; signed 2025; allows access to each other's military facilities for refuelling, repairs, supplies, and maintenance

Defence Dependency Concerns

IssueDetail
Historical dependencyAt its peak, 60--70% of Indian military equipment was of Soviet/Russian origin
DiversificationIndia has consciously diversified --- US, France, and Israel now account for growing shares of defence imports
Spare parts challengeRussian equipment requires Russian spare parts; supply chain disruptions during the Ukraine conflict have been a concern
CAATSA riskIndia's S-400 purchase technically triggers US sanctions under CAATSA; US has not imposed sanctions on India but the risk remains

CAATSA and India

The Countering America's Adversaries Through Sanctions Act (CAATSA) (US legislation, 2017) imposes mandatory sanctions on countries making "significant" defence transactions with Russia, Iran, or North Korea (Section 231).

IssueDetail
CAATSA triggerIndia's S-400 deal ($5.43 billion, signed October 2018) qualifies as a "significant" transaction under Section 231
US positionUS has repeatedly signalled it does not want to sanction India but has not formally granted a waiver
Waiver provisionCAATSA allows Presidential national security waiver; Congress has questioned whether India deserves one
India's argumentDefence diversification takes time; India cannot immediately replace Russian platforms; sanctions would damage the Quad partnership
Current status (2026)India has not been sanctioned despite all five S-400 deliveries; de facto US tolerance pending India's defence diversification

Energy Cooperation

SectorDetail
Crude oilRussia became India's largest oil supplier post-Ukraine conflict; accounted for ~36% of India's crude imports in FY 2024--25 (up from less than 1% pre-2022); declined below 25% by early 2026 under Western sanctions pressure
Nuclear energyKudankulam plant (6 VVER-1000 units); discussions on new plants at potential sites
LNGLong-term LNG supply agreements; Sakhalin-1 project (ONGC Videsh has 20% stake)
Rouble-Rupee tradeIndia and Russia explored bilateral currency settlement to bypass US dollar sanctions; limited success due to Rupee non-convertibility and trade imbalance

Connectivity --- INSTC

FeatureDetail
Full nameInternational North-South Transport Corridor
Length~7,200 km multi-modal network (ship, rail, road)
RouteMumbai (Jawaharlal Nehru Port) to Bandar Abbas (Iran) by sea; then via Iran to Caspian Sea ports (Bandar-e-Anzali); then to Astrakhan (Russia) and onward to Moscow and Northern Europe
MembersIndia, Iran, Russia, Azerbaijan, Kazakhstan, Armenia, Belarus; Bulgaria (observer)
Advantage30% cheaper and 40% shorter than the Suez Canal route (25--30 days vs. 45--60 days)
StatusFirst consignment from Russia to India via INSTC completed in 2022; operationalisation ongoing

Space and Science Cooperation

AreaDetail
GaganyaanRussia provided crew training at the Gagarin Cosmonaut Training Centre for Indian astronauts selected for India's human spaceflight programme
GLONASSCooperation on satellite navigation; India uses both GPS (US) and GLONASS (Russia) for dual-frequency positioning
Joint researchIndia-Russia Science and Technology Cooperation agreement; collaboration on polar research, seismology, and pharmaceuticals

India-Russia Annual Summit

FeatureDetail
FormatAnnual summit between PM and President; institutionalised since 2000
SignificanceIndia holds annual summits with only a few countries (Russia, Japan); reflects the depth of the relationship
Recent22nd Annual Summit held during PM Modi's visit to Moscow (July 2024); first bilateral visit since the Ukraine conflict began

Multilateral Convergence

ForumIndia-Russia Dynamic
BRICSBoth are founding members (original BRIC coined 2001; first summit 2009); cooperation on New Development Bank (NDB); both supported BRICS expansion to include Egypt, Ethiopia, Iran, UAE, Saudi Arabia, Indonesia (2024--2025)
SCOIndia joined SCO in 2017; Russia was a founding member (2001); cooperation on counter-terrorism and Central Asian connectivity
G20Both members; coordinated on issues like food security, energy transition; Russia attended India's G20 presidency (2023) via Foreign Minister

Challenges in India-Russia Relations

ChallengeDetail
Russia-China proximityRussia's growing strategic alignment with China (post-Ukraine) complicates India's equation; Russia-China-Pakistan triangle is a concern
Ukraine conflictIndia has abstained on UN votes condemning Russia; faces Western pressure to distance from Moscow; balances between maintaining ties and not alienating the West
Defence diversificationIndia is reducing Russian defence dependency; new acquisitions increasingly from US, France, and Israel
Trade imbalanceIndia-Russia bilateral trade is heavily skewed towards energy (oil); Russia's share of India's defence imports declining
CAATSA sanctions threatUS has waived sanctions on India's S-400 purchase so far, but the legal risk persists
Rouble-Rupee challengesIndia's trade deficit with Russia means Russia accumulates large Rupee balances it cannot easily use; limited Rupee convertibility is a structural problem

For Mains: India's balancing act between Russia and the West is a core expression of "multi-alignment" (as opposed to non-alignment). India benefits from cheap Russian oil and tested defence platforms, while simultaneously deepening ties with the US, France, and the EU. The key analytical framework is strategic autonomy --- India seeks to preserve decision-making independence without being locked into any bloc.


Russia-Ukraine War: India's Stance

Russia launched its full-scale invasion of Ukraine on 24 February 2022. India has navigated this carefully, maintaining ties with Moscow while avoiding direct confrontation with the West.

India's Position

  • Abstained on UN General Assembly resolutions condemning Russia (Resolution ES-11/1, March 2022 and subsequent resolutions)
  • Consistently called for dialogue and diplomacy and respect for the UN Charter and international law
  • Has not condemned Russia's invasion directly
  • Significantly deepened oil imports from Russia (opportunistic use of discounted crude)
  • Maintained bilateral ties with Russia while engaging diplomatically with Ukraine (PM Modi visited Kyiv in August 2024)

India's Reasoning

FactorExplanation
Defence dependencyIndia cannot afford to alienate Russia while 60%+ of its military hardware is Russian-origin; spare parts and maintenance are critical
Nuclear cooperationKudankulam NPP (Tamil Nadu) — built by Russian ROSATOM; Units 1-2 operational, Units 3-6 under construction
Strategic autonomy doctrineIndia's multi-alignment policy resists being drawn into Western alliance politics
China factorIndia does not want Russia to become entirely dependent on China — maintaining Russia as a counterbalance serves India's interests
Historical relationshipDeep political, institutional, and people-to-people ties spanning 75+ years

Impact on Bilateral Trade

MetricPre-war (FY 2021-22)Post-war (FY 2024-25)Change
Bilateral trade~$10 billion~$69 billion~7x increase
Russian oil share in India's imports<1%~36% (~87.4 MT)Massive surge
Russia's rank as oil supplierNot in top 5India's largest oil supplierStructural shift

India benefited from discounted Russian crude (trading at $25–35/barrel discount to Brent immediately after sanctions). However, US sanctions imposed on Russian oil majors in November 2025 complicated Indian refiners' operations, prompting some diversification.

Rupee-Ruble Trade

A significant portion of India-Russia trade shifted to rupee-ruble settlement (bypassing USD/SWIFT systems under US/EU sanctions). However, accumulated rupee balances in Russian accounts created challenges — Russia found it difficult to utilise rupee surpluses since India has limited import demand for Russian non-oil goods.


Part II: India-EU and India-Europe Relations

India-EU Relations

MilestoneYearSignificance
EU-India Cooperation Agreement1994First formal framework for bilateral cooperation
Strategic Partnership2004India-EU Strategic Partnership launched at the 5th India-EU Summit
India-EU FTA negotiations2007--2013Negotiations launched in 2007; suspended in 2013 over disagreements on tariffs, services, and data protection
Negotiations relaunched2022FTA talks restarted along with negotiations on an Investment Protection Agreement and Geographical Indications Agreement
India-EU Trade and Technology Council (TTC)2023Ministerial-level framework covering digital rules, secure connectivity, critical and emerging technologies, and resilient supply chains
India-EU FTA concluded27 January 2026Called the "mother of all trade deals" by both sides; eliminates or reduces tariffs on 90%+ of traded goods; described as the EU's most significant trade agreement since its formation

For Prelims: The India-EU FTA was concluded on 27 January 2026 after negotiations spanning nearly two decades (first launched 2007, suspended 2013, relaunched 2022). It covers tariff reduction on over 90% of goods traded between the two.

India-EU Trade Data

ParameterDetail
EU's rankingIndia's second-largest trading partner (after the US)
Trade in goods~EUR 120 billion (2024)
EU investment in IndiaEU is among the largest foreign investors in India
Key sectorsEngineering goods, chemicals, pharmaceuticals, textiles, gems and jewellery, IT services

India-France Relations

France is India's closest strategic partner in Europe, with cooperation spanning defence, nuclear energy, space, and maritime security.

AreaDetail
Strategic PartnershipEstablished 1998; first European strategic partnership for India
Macron Republic Day visit25--26 January 2024 — Macron was Republic Day Chief Guest; Horizon 2047 roadmap (25-year bilateral vision document) signed; comprehensive joint statement
Special Global Strategic PartnershipElevated during President Macron's visit, 17--19 February 2026 — India's highest partnership designation for any European country
Defence --- Rafale36 Rafale jets delivered to IAF (contract signed 2016); 26 Rafale-Marine fighters contracted for INS Vikrant
Defence --- SubmarinesScorpene-class submarines (Project 75) built at Mazagon Dock with French DCNS (now Naval Group) collaboration; 6 submarines delivered
Nuclear --- Jaitapur6 EPR (European Pressurized Reactor) units planned in Maharashtra with EDF/Framatome; total capacity 9.6 GWe; would be world's most powerful nuclear facility; Industrial Way Forward Agreement signed 2018; joint development of low/medium-power modular reactors agreed February 2025
SpaceJoint satellite missions; ISRO-CNES collaboration on climate observation; Gaganyaan life support systems cooperation
Indo-PacificFrance (with territories in the Indian and Pacific Oceans) is a natural Indo-Pacific partner; joint naval exercises (Varuna); India-France-Australia trilateral
Counter-terrorismClose cooperation post-26/11 Mumbai attacks; joint exercises

For Mains: India-France relations are arguably India's most diversified European partnership. Unlike other Western partners, France supported India's nuclear programme (Jaitapur), did not impose sanctions after Pokhran-II, and has consistently backed India's UNSC permanent seat bid with veto power. The "Special Global Strategic Partnership" (2026) makes France India's highest-designated European partner.


India-UK Relations

AreaDetail
FTANegotiations relaunched January 2025; agreement in principle reached 6 May 2025; signed 24 July 2025; expected to come into force first half of 2026
FTA significanceUK's most economically significant bilateral FTA since Brexit; reduces tariffs on UK exports to India by up to GBP 400 million/year, potentially GBP 900 million after 10 years

Key Features of India-UK CETA (Comprehensive Economic and Trade Agreement)

FeatureDetail
Tariff coverageIndia to eliminate tariffs on 99% of UK tariff lines (100% of trade value); UK to reduce tariffs on 90% of Indian tariff lines
Whisky and ginUK Scotch whisky tariffs phased down from 150% to much lower levels over several years
AutomobilesUK auto/EV tariffs reduced; India maintains regulatory standards
ServicesMode 4 movement of professionals; India wins mobility concessions for IT/business services workers
IPRBalanced provisions; India successfully defended data protection and pharmaceutical patent positions
Projected benefitUK: ~£4.8 billion annual economic boost by 2040
DefenceCarrier Strike Group cooperation; joint exercises (Ajeya Warrior, Konkan); Type 26/31 frigate discussions
Living Bridge~1.9 million Indian-origin people in the UK; 2nd largest source of foreign students in UK universities
TechnologyJoint working groups on AI, cyber, fintech; India-UK Tech Partnership
Outstanding issuesKohinoor diamond; historical colonial reparations debate; extradition cases

India-Germany Relations

AreaDetail
Strategic PartnershipEstablished 2001; Inter-Governmental Consultations (IGC) mechanism --- Chancellor-level meetings
Green and Sustainable Development Partnership (GSDP)Launched 2022; Germany committed EUR 1.3 billion in concessional loans for climate, energy, sustainable urban development, and green mobility
Green Urban Mobility Partnership (GUMP)Joint Declaration of Intent signed November 2019 between India's MoHUA and Germany's BMZ; flagship projects include Bangalore Yellow Line Metro (EUR 340 million KfW loan)
TradeGermany is India's largest trade partner within the EU; ~1,800 German companies in India
UNSC bidGermany and India are fellow G4 members, supporting each other's UNSC permanent seat bids
Skill developmentIndo-German vocational training programme; cooperation on skill certification

India-Italy Relations

AreaDetail
Strategic PartnershipEstablished 2023 during PM Meloni's visit; upgraded with Joint Strategic Action Plan
TradeItaly is India's 5th-largest trading partner in the EU
DefenceLeonardo helicopters (AW-101 controversy); naval cooperation discussions
CultureDeep historical ties; Italy-India bilateral Cultural Exchange Programme
G4 competitorItaly leads the "Uniting for Consensus" group opposing expansion of permanent UNSC seats (competing with G4 bid of India, Germany, Japan, Brazil)

India-Nordic Relations

CountryKey Areas
DenmarkGreen Strategic Partnership (2020); offshore wind energy; shipping; water management
SwedenInnovation partnership; defence (Carl-Gustaf rifles for Indian Army); smart cities
FinlandEducation, technology, 5G/6G research; Make in India partnership
NorwayBlue economy; maritime cooperation; sovereign wealth fund investment in India
Iceland Geothermal energy cooperation; Arctic Council cooperation

India and NATO: No Formal Alliance, Growing Coordination

India is not a NATO member and has consistently maintained that joining formal alliances is incompatible with its strategic autonomy doctrine. However, there is growing functional cooperation.

AreaStatus
InteroperabilityIndia's growing exercises with NATO members (India-US, India-France, India-UK joint drills)
Technology sharingIndia-US iCET (Initiative on Critical and Emerging Technologies); India-UK-Australia defence tech
Indo-Pacific coordinationNATO's Indo-Pacific "partners" framework — India participates in select NATO events/platforms
Ukraine warIndia's abstentions strained relations; NATO countries want India to take clearer pro-Ukraine positions
No Article 5 participationIndia firmly resists any collective defence commitments

India's engagement with NATO is best characterised as issue-specific, non-committal coordination rather than alliance-building.


Comparative Overview: India's Key European Partners

ParameterFranceUKGermanyEU (as bloc)
Partnership levelSpecial Global Strategic Partnership (2026)Comprehensive Strategic PartnershipStrategic Partnership (IGC mechanism)Strategic Partnership (2004)
DefenceRafale, Scorpene submarines, Jaitapur nuclearCarrier cooperation, joint exercisesLimited defence tradeEU-India security dialogue
Trade agreementCovered under India-EU FTAIndia-UK FTA (signed July 2025)Covered under India-EU FTAIndia-EU FTA (concluded January 2026)
UNSC bid supportSupports with veto powerSupports India's bidG4 partner (mutual support)No common EU position
Distinctive featureNuclear and Indo-Pacific partnerLiving Bridge / diasporaGreen partnership / industryTrade bloc / TTC

Strategic Significance for India

Why Russia Matters

FactorDetail
Defence backbone60--70% of India's military inventory is of Russian origin; cannot be replaced overnight
UN veto shieldRussia has historically used its UNSC veto to support India (1971 Bangladesh War; Kashmir resolutions)
Energy securityAffordable Russian crude oil is critical for India's import bill
Counter-balanceRussia serves as a counter-balance to China in India's strategic calculus
Space and nuclearDecades of cooperation in human spaceflight training and nuclear power

Why Europe Matters

FactorDetail
TradeEU is India's second-largest trading partner; FTA (2026) will dramatically expand economic ties
TechnologyEuropean technology in green energy, mobility, pharmaceuticals, and advanced manufacturing
Values alignmentShared commitment to democracy, rule of law, multilateralism
Defence diversificationFrance (Rafale, Scorpene), Sweden (Carl-Gustaf), and other European suppliers help India reduce Russian dependency
Climate partnershipEU Green Deal and India's climate targets create natural synergies

Recent Developments (2024--2026)

DateDevelopment
2024India-Russia: Continued S-400 system deliveries; ongoing rupee-rouble payment mechanism discussions; RELOS logistics pact negotiations begin
2025–2026India-Russia: USD ~1.1 billion deal for additional S-400 missiles approved (post-Operation Sindoor); RELOS logistics pact signed February 2025
February 2025India-France: Agreement on joint development of modern nuclear reactors including low/medium-power modular reactors
May 2025India-UK: Agreement in principle reached on Comprehensive Economic and Trade Agreement (FTA)
July 2025India-UK: FTA signed
October 2024India-Germany: 7th IGC (New Delhi, 25 October 2024); India-Germany Innovation and Technology Partnership Roadmap and Indo-German Green Hydrogen Roadmap launched
January 2026India-EU: FTA concluded after nearly two decades of negotiations; tariffs reduced on 90%+ of goods
February 2026India-France: Relationship elevated to "Special Global Strategic Partnership" during President Macron's official visit (17–19 February 2026); joint inauguration of 2026 India-France Year of Innovation

Key Terms for Quick Revision

TermMeaning
Special & Privileged Strategic PartnershipHighest-level partnership India accords to Russia (since 2010)
INSTCInternational North-South Transport Corridor; 7,200 km multi-modal route connecting India to Russia via Iran; 30% cheaper, 40% shorter than Suez route
BrahMosIndo-Russian supersonic cruise missile (Mach 2.8); joint venture of DRDO and NPO Mashinostroyeniya
KudankulamRussian-built nuclear power plant in Tamil Nadu; 6 VVER-1000 units; Units 1-2 operational
India-EU TTCTrade and Technology Council (2023); ministerial-level forum for digital rules, tech, and supply chains
GSDPGreen and Sustainable Development Partnership (India-Germany, 2022)
JaitapurPlanned 9.6 GWe nuclear plant in Maharashtra with French EPR technology
RELOSReciprocal Exchange of Logistics Support (India-Russia, 2025); similar to LEMOA with the US
CAATSAUS law threatening sanctions on purchasers of Russian defence equipment; India's S-400 deal is the test case

India's Strategic Autonomy: Multi-Alignment Doctrine

India's approach to great power relations is governed by the doctrine of strategic autonomy — the ability to pursue an independent foreign policy that serves India's national interest without being locked into any bloc or alliance.

Key Tenets

PrincipleApplication
Multi-alignmentEngage with the US, Russia, EU, China, Global South simultaneously; maintain leverage with each
Conditional engagementCooperate on specific issues; refuse alliance commitments
Issue-by-issue approachIndia may vote with the US on climate, abstain on Ukraine, cooperate with Russia on defence, compete with China economically
Development primacyEconomic development and national security take precedence over ideological solidarity

India's Multi-Alignment in Practice (2025–26)

RelationshipCooperationTension
USAQuad, defence, technology (iCET), tradeCAATSA, H-1B visas, tariff disputes
RussiaOil imports, defence, INSTCWestern pressure, rupee surplus problem
EUFTA (concluded Jan 2026), TTC, green allianceData localisation, auto tariffs
ChinaBilateral trade (~$113 billion imports)Border disputes, RCEP exit, competitive anxiety
Middle EastI2U2, energy, diasporaIran sanctions complications

Previous Year Questions (PYQs)

Prelims

  1. The 'Indo-Soviet Treaty of Peace, Friendship and Cooperation' was signed in — (Tests year and context; answer: 9 August 1971)

  2. Consider the following statements about CAATSA: (a) It was enacted by the US Congress in 2017 (b) It mandates automatic sanctions on any country purchasing major defence equipment from Russia (c) India has received a formal CAATSA waiver for the S-400 deal Which of the above statements is/are correct? (Answer: (a) only — (b) is wrong as there is a waiver provision; (c) is wrong — no formal waiver granted)

  3. The BrahMos supersonic cruise missile is a joint venture between India and: (Answer: Russia — DRDO + NPO Mashinostroyenia)

  4. INSTC (International North-South Transport Corridor) connects India to Russia via: (Answer: Iran)

Mains

  1. "India's decision to abstain from UN resolutions condemning Russia's invasion of Ukraine reflects strategic interest over principle." Critically evaluate India's position in the context of its strategic autonomy doctrine. (CSE Mains GS2 2022)

  2. Discuss the significance of India's defence cooperation with Russia. How has the Russia-Ukraine war impacted this relationship and what are the long-term implications for India's defence modernisation? (CSE Mains GS2 pattern)

  3. Examine the state of India-EU relations. How does the conclusion of the India-EU FTA (2026) mark a turning point in the bilateral relationship? (CSE Mains GS2 pattern)

  4. "India's foreign policy is neither non-alignment nor alignment — it is multi-alignment." Discuss with reference to India's simultaneous engagement with the US, Russia, and Europe. (CSE Mains GS2 pattern)


Exam Strategy

For Mains Answer Writing: Questions on India-Russia or India-Europe relations often test the theme of strategic autonomy vs. alignment. Structure answers around: (1) historical depth of the partnership, (2) contemporary cooperation areas, (3) challenges and irritants, (4) India's balancing act. For India-Russia, always discuss the Ukraine conflict's impact and defence diversification. For India-EU, focus on the 2026 FTA as a game-changer and the TTC for technology.

For Prelims: Key facts to remember --- 1971 Treaty date (9 August), Special and Privileged Strategic Partnership (2010), INSTC length (7,200 km), INSTC advantage (30% cheaper, 40% shorter), S-400 contract (2018), India-EU FTA conclusion (January 2026), India-UK FTA (signed July 2025), Jaitapur capacity (9.6 GWe), India-France "Special Global Strategic Partnership" (February 2026).


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