Russia-India trade to hit $100 billion – foreign minister

New Delhi and Moscow are bullish on expanding economic ties despite the pressure of Western sanctions

Bilateral trade between India and Russia currently stands at $66 billion and the goal of reaching $100 billion by 2030 is more than realistic, Indian Foreign Minister Subrahmanyam Jaishankar said on Monday. He made the comments at an Indo-Russian business forum in the Indian financial capital, Mumbai. 

The two countries have expanded their traditional strong ties multi-fold since 2022, with Moscow emerging as New Delhi’s primary supplier of energy resources. Imports of crude oil from Russia currently constitute nearly 40% of India’s total oil purchases, up from less than 1% before the escalation of the Ukraine crisis in February 2022. 

“Russia has consciously focused more deeply on Asia since 2022. This has created many more avenues of cooperation that we have a long history of strong convergence and deep friendship allow us to make the best of both factors,” Jaishankar said. He was speaking at the forum alongside Russian First Deputy Prime Minister Denis Manturov, who is in New Delhi for a meeting of the intergovernmental Russian-Indian commission on trade, economic, scientific, technical and cultural cooperation that will be held in the Indian capital on Tuesday.   

Pleased to deliver the keynote address at the India-Russia Business Forum held today.

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