India Russia Trade
The bilateral trade between India and Russia during 2023-24 amounted to US$ 65.69 billion
Last updated: Apr, 2026
Introduction
India and Russia are confidently advancing toward a US$ 100 billion bilateral trade target by 2030, with strong progress in expanding sectors such as fertilisers, agriculture and engineering, and active engagement following high-level visits. Trade reached record levels in 2024-25, and both countries are enhancing cooperation across defence, energy and economic agendas.
Russia and India have been longstanding and time-tested partners. The growing India-Russia relations have effects on India's foreign policy. Since the signing of the “Declaration on the India-Russia Strategic Partnership” in October 2000, the ties have gained a qualitatively new character with enhanced levels of cooperation in almost all areas of the bilateral relationship. The two countries have maintained cooperation in areas like politics, security, defence, trade and economy, science & technology, culture, and people-to-people ties.
India-Russia Trade
- The bilateral trade between India and Russia amounted to US$ 43.81 billion in FY26 (till November 2025)
- Indian exports amounted to US$ 3.00 billion while imports from Russia amounted to US$ 40.81 billion in FY26 (till November 2025).
- Russia occupies the 31st position in foreign direct investment (FDI) inflows into India, with cumulative FDI amounting to US$ 1.32 billion from April 2000 to September 2025.
Major exports from India to Russia
- India’s export to Russia stood at US$ 3.00 billion in FY26 (till November 2025).
- India exported 4,067 commodities to Russia in FY26 (till November 2025).
- India’s exports to Russia include machinery and mechanical appliances, valued at US$ 479.52 million. Pharmaceutical products accounted for exports worth US$ 319.94 million, followed by organic chemicals (US$ 215.23 million) and electrical machinery and equipment (US$ 211.14 million). Exports of fish and crustaceans stood at US$ 123.64 million, while chemical products (US$ 107.80 million), miscellaneous edible preparations (US$ 101.20 million) and inorganic chemicals (US$ 99.62 million), etc. in FY26 (till November 2025).
Major imports by India from Russia
- Imports from Russia to India stood at US$ 40.81 billion in FY26 (till November 2025).
- India imported 960 commodities from Russia in FY26 (till November 2025).
- India’s imports from Russia were dominated by crude oil, valued at US$ 35.76 billion, accounting for the largest share of the import basket. Fertilisers imports stood at US$ 2.11 billion, while animal or vegetable fats and oils were valued at US$ 966.3 million. Project goods (US$ 564.53 million), iron and steel (US$ 343.31 million) and pearls, precious and semi-precious stones (US$ 299.32 million) also contributed to imports from Russia. In addition, imports included salt, sulphur and cement-related materials, machinery and mechanical appliances, paper and paperboard, edible vegetables, etc. in FY26 (till November 2025).
Recent Trends and Developments
- On January 28, 2026, India and Russia entered technical talks on the possibility of joint production of Su-57 fighter jets, indicating momentum in advanced defence industrial collaboration that could strengthen long-term strategic ties.
- Russia’s spirits exports to India jumped nearly four-fold, reflecting expanding commercial trade links beyond traditional commodities and highlighting diversification in bilateral economic engagement.
- On December 4-5, 2025: the Russia-India Business Forum 2025 concluded with significant agreements in media, industry, technology, and pharmaceuticals, reflecting both sides’ intentions to expand bilateral trade and investment in future growth sectors.
- December 4-5, 2025 As part of summit outcomes, both countries agreed to work toward a five-year plan to bolster economic and trade partnerships amid global economic challenges, reinforcing their mutual commitment against external pressures.
- During the 23rd India-Russia Annual Summit in New Delhi, leaders reaffirmed their Special and Privileged Strategic Partnership, assessed multi-faceted mutually beneficial cooperation, and committed to deepen ties across defence, trade, energy, and connectivity.
- December 4, 2025, At the India-Russia Business Forum held in New Delhi, Union Commerce Minister Mr. Piyush Goyal highlighted that bilateral trade had nearly reached US$ 70 billion, surpassing earlier targets, while both sides reiterated ambitions to cross US$ 100 billion by 2030 through diversified trade and deeper industrial cooperation.
- On November 2025 India and Russia held maritime consultations and advanced sectoral cooperation discussions, including energy dialogues at India Energy Week, underlining shared priorities in energy security and blue economy collaboration.
- On August 7, 2025 India and Russia explored collaboration in critical minerals and industrial infrastructure, aiming to boost economic cooperation and support broader strategic objectives in emerging sectors.
- India and Russia agreed on six new strategic projects to boost bilateral investment cooperation, spanning key areas aimed at enhancing mutual economic benefits and encouraging capital flows across sectors.
- On March-April 2025, The two nations successfully conducted the India-Russia Joint Military Exercise (INDRA)-2025 naval exercises, showcasing deepening defence cooperation through joint drills involving major warships and aircraft in the Bay of Bengal, strengthening interoperability and maritime security ties.
- In a pivotal meeting held on June 26, 2025, Defence Minister Mr. Rajnath Singh and his Russian counterpart Mr. Andrey Belousov reaffirmed their commitment to expedite upgrades and fast-track the procurement of other critical military systems, strengthening long-standing defence ties between the two nations. The discussions also prioritised the modernisation of India’s Su-30MKI fighter jet fleet, a key component of the Indian Air Force’s air superiority capabilities.
- According to preliminary analysis by global trade analytics firm Kpler quoted in a Press trust of India (PTI) report, Indian refiners are expected to purchase 2-2.2 million barrels per day of Russian crude oil in June, reaching a two-year peak and exceeding the total quantities acquired from Iraq, Saudi Arabia, the UAE and Kuwait.
- India and Russia have signed nine Memorandums of Understanding (MoUs) and agreements covering areas such as trade, climate, and research during Prime Minister Mr. Narendra Modi's two-day significant visit to Moscow, to strengthen the relation of two nations.
- On December 9, 2024, INS Tushil (F 70), the latest multi-role stealth-guided missile frigate, was commissioned into the Indian Navy at Yantar Shipyard in Kaliningrad, Russia, in the presence of Union Minister of Defence, Mr. Rajnath Singh. In his address, the defence minister hailed the commissioning as a proud symbol of India’s expanding maritime capabilities and a significant milestone in the enduring friendship between India and Russia. He emphasized their shared values, mutual trust, and the special strategic partnership that strengthens their ties, underscoring the importance of collaboration in enhancing regional security and stability.
- In April 2024, Secretary of the Department of School Education and Literacy Mr. Sanjay Kumar held a meeting with the Deputy Minister of Education of the Russian Federation to discuss potential areas of educational collaboration between the two nations.
- In March 2023, India has long seen Russia as a reliable partner that has supported it at the United Nations (UN), played an integral role in building up Indian military capabilities across domains, and allowed it the space to practice strategic autonomy vis-à-vis the West.
- On January 31, 2022, Deputy Foreign Minister, Mr. Sergei Vershinin visited New Delhi for consultations on UNSC-related issues with Secretary (West), Mr. Sanjay Verma. He also called on Foreign Secretary following the consultations.
- The Annual Summit between the Prime Minister of India, Mr. Narendra Modi, and the President of the Russian, Federation Mr. Vladimir Putin is the highest institutionalized dialogue mechanism in the strategic partnership between India and Russia. During the last Summit held on December 6, 2021, 28 MoUs and agreements were signed. A Joint Statement titled “India-Russia Partnership for Peace, Progress and Prosperity” was also adopted. The two leaders had most recently met on the sidelines of the SCO Summit on September 16, 2022 in Samarkand, Uzbekistan.
- In 2022, External Affairs Minister, Mr. S. Jaishankar and Foreign Minister Mr. Lavrov have held five meetings so far: on April 1, 2022, during FM Lavrov’s visit to New Delhi when he also called on PM; on July 8 in Bali on the sidelines of G20 Foreign Ministers’ Meeting; on July 28 in Tashkent on the sidelines of SCO Foreign Ministers’ Meeting, in New York on September 24 on the sidelines of the 77th session of the UN General Assembly, and in Moscow on November 8.
- On July 28-29, 2022, Secretary West, Mr. Sanjay Verma visited Moscow for consultations with Deputy Finance Minister Mr. Sergei Vershinin. He also met with Deputy Finance Minister, Mr. Oleg Syromolotov to discuss issues of mutual interest in the sphere of counter-terrorism. He also held consultations on Arctic-related issues with Amb. Nikolai Korchunov, Ambassador-at-Large on Arctic issues.
- On August 16-17, 2022, NSA paid an official visit to Moscow and held consultations with his counterpart Mr. Nikolai Patrushev on a wide range of bilateral, regional, and international issues. Likewise, the two sides also maintain close cooperation at the level of Dy. NSAs
- On November 17, 2022, Deputy Finance Minister (DFM), Mr. Sergei Vershinin visited New Delhi for consultations on UN and multilateral issues with Secretary (West), Mr. Sanjay Verma. DFM also called on Foreign Secretary to brief him on Russia’s position on UN-related issues.
- Indian contingent participated in International Army Games held in August 2022 and Exercise Vostok-2022 held in September 2022 in Russia.
Economic Relations and Investments
- On January 28, 2026 India and Russia entered technical talks on the possibility of joint production of Su-57 fighter jets, indicating growing defence-industrial cooperation with potential investment spillovers into advanced manufacturing.
- In December 2025 Both countries committed to strengthening trade connectivity and cooperation in the Russian Far East, alongside efforts to improve payment mechanisms and promote settlements in national currencies to support sustained trade growth.
- From December 4-5, 2025 During the 23rd India-Russia Annual Summit in New Delhi, Prime Minister Mr. Narendra Modi and President Vladimir Putin adopted an Economic Cooperation Programme through 2030, agreeing to scale up bilateral trade to US$100 billion by 2030 and deepen cooperation across energy, logistics, fertilisers, healthcare, and connectivity.
- At the India-Russia Business Forum in New Delhi, Union Commerce Minister Mr. Piyush Goyal noted that bilateral trade had nearly reached US$70 billion, while both sides reaffirmed ambitions to cross US$100 billion by 2030 through diversified trade and stronger industrial collaboration.
- India and Russia agreed on a five-year plan and six new strategic projects to boost bilateral investment cooperation, aimed at strengthening capital flows and expanding partnerships across key economic sectors.
- Russia’s spirits exports to India jumped nearly four-fold, highlighting diversification of bilateral trade beyond traditional commodities and expanding consumer-goods exchanges.
- On August 7, 2025 India and Russia explored collaboration in critical minerals and industrial infrastructure, signalling a push to broaden economic engagement into emerging and strategic sectors.
- As per figures from the Department of Commerce, bilateral trade during FY24 amounted to US$ 68.72 billion. Indian exports amounted to US$ 4.88 billion, while imports from Russia amounted to US$ 63.84 billion.
- In June 2025, India became the largest recipient of Russia’s seaborne Urals crude, accounting for 80% of total shipments, primarily driven by aggressive purchases from Reliance Industries and Nayara Energy at discounted prices.
- Intensifying trade and economic relations have been identified as a priority area by both leaders. The targets of increasing bilateral investment were revised to US$ 50 billion and bilateral trade to US$ 30 billion by 2025. India received major bilateral investments from Russia in sectors like petrochemicals, oil and gas, banking, railways, and steel sectors. Indian investments in Russia are mainly in sectors including oil and gas, diamond, and pharmaceuticals.
- Minister of Defence of India, Mr. Rajnath Singh and Russian Defence Minister Mr. Sergei Shoigu, during the SCO Defence Ministers’ meeting in New Delhi, discussed bilateral defence cooperation, emphasizing military ties and enhancing Russian industry's involvement in 'Make in India.' The leaders addressed regional peace and security, expressing satisfaction with the enduring trust between India and Russia. They pledged to strengthen their long-standing relationship.
- Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh, emphasized the global significance of BRICS due to its status as the most populated marketplace, fuelled by a knowledge, creativity, and innovation-based economy. Addressing the 11th BRICS STI Ministerial Meeting virtually, he advocated collaboration within BRICS to tackle regional scientific challenges with joint solutions tailored to local economies. Dr. Singh highlighted the National Research Foundation, approved by the Modi Cabinet, as a key mechanism to ensure equitable funding for scientific research and encourage greater private participation, urging companies to invest in R&D.
Conclusion
The India-Russia partnership remains robust and future-focused: leaders reaffirm mutually beneficial relations spanning strategic, economic, defence and cultural cooperation, underpinned by joint initiatives and institutional dialogues that strengthen long-term ties.
Recently, the two nations celebrated the 75th anniversary of their diplomatic relations. They continue a common strategic rationale for their relationship. Apart from bilateral synergies, India and Russia are members of various multilateral organizations including BRICS, RIC, G20, East Asia Summit, and SCO where avenues for cooperation on issues of mutual importance exist.
Contacts
- Embassy of India in Russia
Address: Embassy of India, Building No.6-8, Vorontsovo Polye, Moscow, Russia - 105064
Telephone: +7-495-783-7535
Officials:
Mr. Vinay Kumar (Ambassador);
Email: amb.moscow@mea.gov.in
Telephone: +7-495-783 7531
Mr. Nikkhilesh Giri (Deputy Head of Mission);
Email: dcm.moscow@mea.gov.in
Telephone: +7-495-917 5813 - Embassy of Russia in India
Address: Russian Embassy in India, Shantipath, Chanakyapuri, New Delhi - 110021;
Phone: +91-11-26110640,+91-11-26110641,+91-11-26110642
Email: consuldelhi@mid.ru
Officials:
Mr. Denis Alipov (Ambassador)
Mr. Roman Babushkin (Minister Counsellor, DCM)
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