This article covers trade and investment between India and Russia: the targets set by the two leaders, recent trade figures, the main goods traded, investment sectors, the government mechanisms for economic cooperation, economic visits and connectivity projects. It draws on the MEA brief of June 2026 on India-Russia relations.
Targets and trade figures
According to the MEA brief of June 2026, both leaders have identified intensifying trade and economic relations as a priority area. They set targets of increasing bilateral investment to USD 50 billion (by 2025) and bilateral trade to USD 100 billion (by 2030).
Bilateral trade between India and Russia reached a record high of USD 68.7 billion in FY 2024-25, and stood at USD 59.863 billion for FY 2025-26. For the last year, the brief gives India's exports as USD 4.88 billion and imports from Russia as USD 55.369 billion.
The brief states that bilateral trade in services has remained stable during the last few years. It also states that in the past three years bilateral trade has diversified significantly.
Main goods traded
Major items of export from India include pharmaceuticals, organic and inorganic chemicals, iron and steel, and marine products. Major items of import from Russia include oil and petroleum products, vegetable oil (particularly sunflower oil), fertilisers, coking coal, and precious stones and metals.
According to the brief, there are discussions on ways to increase exports from India and on developing new models of cooperation.
Investment
The brief states that bilateral investments between the two countries "remain strong". The major Russian investments in India are in the oil and gas, petrochemicals, banking, railways and steel sectors. Indian investments in Russia are mainly in the oil and gas and pharmaceuticals sectors.
The IRIGC-TEC
The primary government-level mechanism for enhancing trade and economic cooperation is the IRIGC-TEC, co-chaired by EAM on the Indian side and First DPM Manturov on the Russian side. Its 26th session was held in Moscow on 20 August 2025. The session focused on:
- addressing tariff and non-tariff trade barriers
- removing bottlenecks in logistics
- promoting connectivity
- effecting payment mechanisms smoothly
- timely finalisation and execution of the Programme of Economic Cooperation till 2030
- early conclusion of the India-Eurasian Economic Union FTA, whose terms of reference were finalised
- regular interaction between the businesses of the two countries
The brief links these aims to the timely achievement of the revised bilateral trade target of USD 100 billion by 2030. After the plenary session, the co-chairs signed the Protocol for the 26th Session of IRIGC-TEC. According to the brief, the 27th session was expected to be held in New Delhi later in the year. It was held in Moscow on 24 August 2026.
Working group and trade events
On 13-14 November 2025, Commerce Secretary Rajesh Agarwal visited Moscow to co-chair the 26th session of the India-Russia Working Group on Trade and Economic Cooperation with the Russian Deputy Minister of Economic Development, Vladimir Ilichev.
On 1-3 October 2025, the MoS for External Affairs and Textiles, Shri Pabitra Margherita, visited Moscow to address the Indian Apparels and Textile Fair organised by the Handloom Export Promotion Council. From 18-21 June 2025, the Union Minister of Railways, Electronics and Information Technology, and Information and Broadcasting, Shri Ashwini Vaishnaw, and the Vice Chairman of NITI Aayog, Dr. Suman Bery, visited Russia to take part in the 28th St. Petersburg International Economic Forum (SPIEF).
Economic visits from Russia
First DPM Manturov made a working visit to New Delhi from 2-3 April 2026 for talks with EAM, the NSA and Finance Minister Ms. Nirmala Sitharaman, and called on the Prime Minister.
Among last year's visits, DPM Dmitry Patrushev came to New Delhi for World Food India 2025 (25-28 September). He called on the Prime Minister and met the Minister of Chemicals & Fertilizers, Shri JP Nadda, the Minister of Agriculture, Shri Shivraj Singh Chouhan, and the Minister of Commerce, Shri Piyush Goyal. They discussed cooperation in agriculture, food security, trade, industrial cooperation and sustainable farming initiatives.
Russia's Minister of Energy Sergey Tsivilyov visited India in February to meet the Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri. Deputy Minister of Energy Pavel Sorokin took part in India Energy Week 2025, held from 11-14 February.
Connectivity and regional cooperation
The brief states that both countries are looking to strengthen inter-regional cooperation, especially with the Russian Far East. They are also looking to promote connectivity initiatives such as the International North-South Transport Corridor, the Chennai-Vladivostok Eastern Maritime Corridor and the Northern Sea Route.
The brief describes a synergy between Russia's pivot to the East, its resources and technology, and India's own flagship initiatives such as Atmanirbhar Bharat and Make in India.