India-Russia Trade Reaches New Heights

• Bilateral Trade Growth: India-Russia trade has reached approximately $68.7 billion in the financial year 2024-25, a substantial increase from around $13 billion in 2021, indicating a five to six-fold rise over four years. Both nations aim to increase bilateral trade to $100 billion by 2030.

• Trade Share with Friendly Countries: The share of “friendly countries” in Russia’s total trade has surged to 86%, marking a historic high with notable partnerships including China, Belarus, India, and Kazakhstan.

• Trade Diversification: Beyond energy, India and Russia are deepening economic ties in sectors such as pharmaceuticals, defense, and technology.

• Economic Resilience: Russian Prime Minister Mikhail Mishustin noted that despite Western sanctions, Russia has managed to adapt efficiently, redirecting energy flows to allied nations and maintaining a stable trade environment.

• Currency Settlements: Russia is transitioning towards trade settlements in its national currency, the rouble, and other partner countries' currencies. As of October 2025, the share of such settlements reached 85%, surpassing the previous target of 70%.

• Emerging Economic Shifts: Mishustin highlighted the changing global economic landscape, noting that the Global South and East, particularly the BRICS nations, are gaining influence while the share of the G7 is on the decline.

• Energy Supply Initiatives: A significant portion of energy supplies has been redirected to friendly countries, though some sectors require long-term investments for adjustment due to limited flexibility.

• Strategic Remarks: The Prime Minister emphasized the efficiency of Russian trade adaptation under external pressures and projected positive growth in trade relationships moving forward.

These notes encapsulate the key economic and trade developments between India and Russia, focusing on significant data, policies, and the evolving international economic landscape.