New Delhi: External Affairs Minister S Jaishankar Monday underlined the resilience of the India-Russia partnership, which has deepened despite pressure from the US. Jaishankar, who is in Moscow, added that Prime Minister Narendra Modi and Russian President Vladimir Putin have given “clear direction” for closer long-term economic cooperation.
“The India-Russia partnership has consistently demonstrated resilience and adaptability. Even amidst a complex international landscape, our engagement has continued to deepen, reflecting the mutual interest and confidence that define our bilateral partnership,” Jaishankar said, while speaking at the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
Co-chairing the session with Denis Manturov, the first Deputy Prime Minister of Russia, Jaishankar added: “Over the last five years, bilateral trade in goods has increased about four-fold, from around $13 billion in 2021-2022, to nearly $60 billion in 2025-2026. This demonstrates the immense potential of our partnership and the rapid expansion of trade has, however, been accompanied by a significant widening of the trade imbalance.”
Jaishankar called on Russia to address the trade imbalance, with better market access, adding that removal of tariff and non-tariff barriers and payment mechanisms will be “critical” in addressing the imbalance and achieving the goal of $100 billion in trade by 2030.
The Indian External Affairs Minister is in Russia on a two-day visit that began late Sunday evening. Apart from co-chairing IRIGC-TEC, one of the two intergovernmental commissions established by New Delhi and Moscow, Jaishankar called on Putin and held a bilateral meeting with his counterpart Sergey Lavrov.
The two-day visit to Russia comes as both countries continue to complete preparations for the India-Russia annual summit later this year, as well as the two meetings between Modi and Putin, expected to be held at the Shanghai Cooperation Organisation (SCO) Summit next week, and the BRICS summit in India next month.
“Let us focus on implementation of outcomes. Over the years the IRIGC-TEC has evolved into a comprehensive mechanism with an extensive network of working groups and sub-groups. The effectiveness of our efforts should increasingly be measured by the outcomes we deliver. Each working group should prioritise deliverables that should be achieved before the next session,” said Jaishankar.
Putin in his meeting with Jaishankar offered to ramp up fertiliser supply for the Indian agricultural market, while noting the growth in trade between the two countries. The Russian President noted “continuing cooperation across virtually all areas” in ties. Putin credited PM Modi for the growth in trade between the two countries this year.
Jaishankar’s meetings in Russia coincided with the celebration of Ukraine’s Independence Day Monday. The External Affairs Minister had posted his felicitations to Ukraine’s foreign minister Andrii Sybiha on X a few hours ahead of his official meetings in Moscow.
The External Affairs Minister struck a positive note on deepening economic engagement with Russia, despite efforts by the US to curtail India’s oil purchases from Moscow. Last year the US had imposed tariffs of up to 50 per cent to penalise New Delhi’s purchases of Russian oil.
Earlier this year, through the announcement of the interim trade deal, by Modi and US President Donald Trump, Washington withdrew the 25 per cent tariffs on New Delhi for the purchase of Russian oil. At the height of the war with Iran, Trump had waived sanctions on the purchase of Russian oil in an effort to stabilise global markets.
However, the waivers expired at midnight on 17 June. India’s purchases of Russian oil have accordingly ebbed and flowed. New Delhi has continued to purchase Russian oil, and in the months where the waiver was in place, crude from Moscow hit record highs in India’s oil import mix. In July, India imported roughly 2.8 million barrels of crude per day from Russia.
India’s oil imports from Russia are expected to fall in August, largely due to the impact of Ukrainian drone strikes on Russian oil refineries. The Russian economy is expected to witness a number of challenges in the next few months as Ukrainian strikes have taken aim at its oil refineries as well warehouses of Wildberries, the largest online retailer in the country.
Early Monday morning, Russia’s second biggest online retailer announced that its facilities in Krasnodar, Dagestan, Stavropol and Adygea had come under attack by Ukrainian drone strikes.
(Edited by Gitanjali Das)
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