Russia and India's Strengthening Trade Ties Defy Sanctions

India has become one of Russia's top trade partners, as Russia shifts its energy focus to friendly nations. By 2024–25, trade between India and Russia reached USD 68.7 billion, with a goal of USD 100 billion by 2030, showcasing multiple sector collaborations including technology and defense.

In a strategic realignment of its international trade operations, Russia has placed India as one of its leading partners. This shift follows Moscow's decision to redirect its energy flows toward more friendly nations, a move emphasized by Russian Prime Minister Mikhail Mishustin during a recent statement.

As the trade landscape continues to evolve, Russia's partnerships with countries such as China, Belarus, India, and Kazakhstan have reached an unprecedented high. Prime Minister Mishustin highlighted that the share of trade with these 'friendly countries' has surged, achieving a landmark 86 percent share in Russia's trade turnover. Trade with India alone reached a historic USD 68.7 billion in the 2024–25 financial year.

Russia and India have set ambitious objectives to further elevate their bilateral trade to USD 100 billion by 2030, expanding beyond energy into sectors like pharmaceuticals, defense, and technology. Notably, Russia has adapted to external pressures and sanctions from Western countries, maintaining a robust trade strategy by increasing national currency transactions, with the share of such settlements surpassing the initial target.

(With inputs from agencies.)