This is my personal opinion, but I think atleast currently we need the west more then Russia. By west, I don't mean the USA. We have US as one of our largest trading partner. Central government is trying to expand our export basket. We are negotiating FTAs with EU, UK, Australia. We are dependent on US for the GE engines. SJha said there are contingency plans. But any sort of delays in this delicate time when Tejas is starting to shine will be pretty bad.
We are also looking for more engines for AMCA. Collaboration with Safran or RR is a possibility. SJha said we are anymore not being denied some parts of military like earlier. Then there is the SSN. Rumours are we are talking about it with France.
On the other hand, trendwise - Russian military is a bit outdated. And our armed forces are slowly losing interests in it. It's slow but it becoming noticeable. In this entire thing, Russia is pretty confident that they have Chinas back. It doesn't matter what we think, but they believe it that way, so it speaks something.