Russia has been India’s all-weather friend and strategic partner for the past 70 years. However, for a decade or so, they are drifting away and are seeking new friends and partners. India has been making new partners in the West and Russia is working closely with China to counter US hegemony. It has been forging warmer, more cooperative relations with Pakistan. In this scenario, the recent missile defense deal can be considered a milestone in bilateral relations between India and Russia, ushering in a new era in relations. Mutual interests and politics led both states to recalibrate their relation so as to not lose old, trusted partners and simultaneously maintain strategic autonomy. This research qualitatively analyzes the structural drivers in the relation of the two states in the background of S-400 missile defense deal concluded in October 2018.