India-Russia Bilateral Trade Rises 24% to US$ 47.70 Billion in First Seven Months of 2026
- IBEF
- October 28, 2026
India-Russia bilateral trade reached Rs. 4.48 lakh crore (US$ 47.70 billion) during the first seven months of 2026, registering a 24.30% increase year-on-year, according to data from India’s Commerce Ministry cited by Russian lender Sberbank. Russian State Duma Chairman Mr. Vyacheslav Volodin stated that bilateral trade had grown by more than 20% during the year and called for removing trade barriers and expanding joint business ventures. The discussions took place during a meeting with Lok Sabha Speaker Mr. Om Birla in New Delhi ahead of the 12th BRICS Parliamentary Forum, held on October 26–27, 2026. The talks covered cooperation in trade, industry and agriculture, alongside efforts to strengthen parliamentary ties.
India imported Rs. 4.22 lakh crore (US$ 44.90 billion) worth of Russian goods during the seven-month period, including Rs. 3.38 lakh crore (US$ 36.00 billion) in crude oil. Indian exports to Russia totalled Rs. 26,500 crore (US$ 2.80 billion), with Russian purchases including chemicals, electrical goods, medical equipment, seafood, tea and spices. The discussions also emphasised the role of parliamentary cooperation in supporting bilateral economic engagement. Mr. Vyacheslav Volodin credited Russian President Mr. Vladimir Putin and Prime Minister Mr. Narendra Modi with advancing relations and called on lawmakers to provide legislative support for decisions made by the two countries’ leaders. Removing trade barriers and encouraging joint business ventures could help broaden commercial cooperation across sectors and strengthen economic ties between India and Russia.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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