Putin backs Modi over Pahalgam attack as Moody’s warns of Pakistan’s rising debt burden

Russian President Vladimir Putin has extended full support to Indian Prime Minister Narendra Modi in the wake of the recent terror attack in Pahalgam, Jammu and Kashmir, even as Pakistan has sought a greater international role​,​ specifically from Moscow​,​ in the investigation.

The Kremlin issued a statement reaffirming its “strong condemnation of terrorism in all its forms” and assured India of Russia’s solidarity. Putin and Modi reportedly discussed bilateral cooperation and security issues during a phone call on Sunday. “Russia supports the Indian leadership’s efforts to ensure national security and stability,” the statement read.

Pakistan, which denies involvement in the Pahalgam attack that killed several Indian pilgrims, had earlier appealed for international participation in the probe. Islamabad was hoping to bring Moscow into what it called a “neutral fact-finding process,” but Putin’s remarks appear to shut down that possibility.

The diplomatic message comes as Pakistan faces growing financial strain. A report released by Moody’s Investors Service on Monday warned that escalating tensions with India could undermine Pakistan’s ability to service its external debt. The agency pointed to rising geopolitical risks, declining foreign reserves, and fragile investor confidence as key pressure points.

“Any further escalation in hostilities with India may reduce Pakistan’s access to external financing and increase the risk of default,” the report said. Moody’s currently rates Pakistan at ‘Caa3’, deep in junk territory, with a negative outlook.

India, meanwhile, has welcomed the support from Moscow. The Ministry of External Affairs called it “a reaffirmation of our strategic partnership,” and said that countries must unite in a “zero tolerance” approach to terrorism. Analysts say the twin developments—Putin’s overt alignment with India and Pakistan’s deteriorating economic position—mark a shift in the regional balance.

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