India and Russia Enhance Trade Relations

Bilateral trade between India and Russia has surged over fivefold in the past five years, reaching over $60 billion, with expectations to hit $100 billion by 2030, according to Russian First Deputy Prime Minister Denis Manturov during his visit to New Delhi. Both countries are working towards concluding a Free Trade Agreement and expanding cooperation in diverse sectors, including energy, agriculture, and pharmaceuticals. Currently, nearly 90% of trade transactions are conducted in national or alternative currencies, a shift prompted by sanctions affecting Russia's banking system. While India imports significant crude oil from Russia, efforts are underway to balance the trade relationship, which has seen Indian exports lag behind. Jaishankar emphasized the importance of increasing trade settlements in rupees to strengthen economic ties. The 25th session of the India-Russia Intergovernmental Commission highlighted the ongoing commitment to enhancing bilateral relations across various domains.