Russia-India Trade Surges, Expands Beyond Energy Amid Global Shifts

Trade between Russia and India has grown significantly, with bilateral trade turnover increasing nearly sevenfold over the past five years, making India one of Russia's top three foreign trade partners. While energy resources remain the dominant export from Russia to India, the range of traded goods has diversified to include mineral fertilizers, metallurgical products, diamonds, and foodstuffs. Despite global sanctions targeting Russia, trade relations have shown resilience, supported by strategic financial cooperation such as the Rupee-Ruble payment system, which helps circumvent sanctions pressure. Concurrently, India is actively diversifying its export markets beyond the United States due to rising U.S. import tariffs, leveraging platforms like ExportersIndia.com to connect with buyers across more than 220 countries. However, India-Russia trade has experienced a slight decline recently, with imports from Russia falling nearly 10% in early 2024, while India's exports to the U.S. surged despite increased tariffs imposed by the Trump administration as a penalty for India's oil purchases from Russia. India maintains its stance on independently deciding its energy purchases, balancing national interests amid geopolitical tensions.