India Russia Trade
The bilateral trade between India and Russia during 2023-24 amounted to US$ 65.69 billion
Last updated: Sep, 2025
Introduction
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 during FY25 amounted to US$ 68.72 billion.
- Indian exports amounted to US$ 4.88 billion while imports from Russia amounted to US$ 63.84 billion.
Major exports from India to Russia
- India’s export to Russia stood at US$ 4.88 billion in FY25.
- India exported ~3,700 commodities to Russia in FY25.
- Major exported items from India to Russia include engineering goods (US$ 1.26 billion), electronic goods (US$ 862.48 million), drug formulations (US$ 577.22 million), organic and inorganic chemical (US$ 545 million), and others (US$ 248.40 million) etc during FY25.
Major imports by India from Russia
- Imports from Russia to India stood at US$ 63.84 billion in FY25.
- India imported ~700 commodities from Russia in FY25.
- India's imports from Russia include petroleum crude (US$ 56.8 billion), fertilizers manufacturers (US$ 1.84 billion), animal or vegetable fats and oils (US$ 2.39 billion), pearl, precious and semi-precious stones (US$ 433.93 million) etc. during FY25.
Recent Trends and Developments
- 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
- 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
Recently, the two nations celebrated the 75th anniversary of their diplomatic relations. They continue to share 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: Ulitsa Vorontsovo Pole, 6-8, Moscow, Russia, 109028;
Telephone: (495) 783 7531
Officials:
Mr. Vinay Kumar (Ambassador)
Email: amb.moscow@mea.gov.in
- Embassy of Russia in India
Address: Russian Embassy in India, Shantipath, Chanakyapuri, New Delhi – 110021;
Telephone: +91 11 26110640
Officials:
Mr. Denis Alipov (Ambassador)
Email: emb@rusembassy.in
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