India-Russia Trade Surges To $60 Billion

Indian External Affairs Minister S. Jaishankar met Russian President Vladimir Putin in Moscow on Monday to discuss bilateral ties and global developments. The meeting comes ahead of Putin's expected visit to New Delhi for the BRICS leaders' summit on September 12-13.

Jaishankar arrived in Moscow on Sunday for a two-day visit, during which he also met Russian First Deputy Prime Minister Denis Manturov to discuss ways to expand bilateral trade and economic cooperation. Putin expressed hope to meet Prime Minister Narendra Modi soon, crediting Modi's personal attention for the recent increase in India-Russia trade.

Trade between India and Russia has increased significantly, with the two nations seeing a four-fold increase in trade in five years. In 2021-22, the trade was around USD 13 billion, which has now grown to nearly USD 60 billion in 2025-26. However, the trade imbalance between the two nations has also increased, from USD 6.6 billion to over USD 50 billion.

Russia is also increasing fertiliser supplies to India and is ready to continue doing so. Putin said that Moscow was prepared to expand fertiliser supplies further to support Indian agriculture. The two sides also discussed expanding economic cooperation, including trade, energy, fertiliser supplies, nuclear energy, and high-technology sectors.

The meeting assumes significance as India and Russia seek to deepen their economic engagement and expand cooperation in a range of areas. The visit comes a month after Jaishankar met Russian Foreign Minister Sergey Lavrov in Manila on July 22, where they reviewed bilateral relations and exchanged views on the Ukraine conflict and the situation in West Asia.

## Why it matters The strengthening of ties between India and Russia is significant, given the current global landscape. The two nations have a longstanding strategic partnership, and the increase in trade and economic cooperation is a testament to the mutual interest and confidence that defines their bilateral partnership. The meeting between Jaishankar and Putin comes at a crucial time, with the BRICS leaders' summit and the Shanghai Cooperation Organization (SCO) summit scheduled to take place in the coming months.

## What happens next Putin is expected to visit New Delhi for the BRICS leaders' summit on September 12-13, where he is likely to meet Prime Minister Narendra Modi. The two leaders may also meet again later this year, as part of the SCO summit. The meetings are expected to further strengthen the economic and strategic ties between India and Russia, with a focus on expanding cooperation in areas such as trade, energy, and high-technology sectors.