The India–Russia trade relationship has undergone a significant transformation over the past three years, emerging as one of the fastest-growing bilateral trade corridors for India. From being a traditionally strategic partnership anchored in defence, nuclear energy and technology, the relationship has evolved into a robust commercial alliance driven largely by energy security, commodities and industrial cooperation. Bilateral trade surged from US$49.4 billion in FY 2022–23 to US$65.7 billion in FY 2023–24, and further to approximately US$68.7 billion in FY 2024–25, making Russia one of India’s top four trading partners. This remarkable growth has been largely driven by India’s strategic sourcing of discounted Russian crude oil, which today accounts for the majority of imports from Russia. India’s imports from Russia stood at US$46.2 billion in FY 2022–23, rose sharply to US$61.4 billion in FY 2023–24, and touched nearly US$63.8 billion in FY 2024–25. During the same period, India’s exports to Russia have shown steady improvement, growing from US$3.14 billion to US$4.26 billion, and further to approximately US$4.9 billion, reflecting expanding access for Indian manufactured and agricultural goods in the Russian market.

The current trade structure remains energy-heavy, with crude oil and petroleum products forming the backbone of Russian exports to India, followed by coal, fertilizers, vegetable oils, precious stones, aluminum and critical industrial minerals. Fertilizers alone form a strategically vital component of this trade, supporting India’s agricultural stability and food security. On the export side, India supplies Russia with a diversified portfolio of engineering goods, machinery, auto components, pharmaceuticals, chemicals, electronics, textiles, tea, coffee, spices, marine products, rice and processed foods. Engineering goods and electronics together now form the largest share of India’s exports to Russia, while pharmaceuticals continue to play a crucial role in strengthening healthcare linkages between the two nations.

Recognizing the immense untapped potential, both governments have formally committed to an ambitious target of achieving US$100 billion in bilateral trade by 2030. This goal is supported by deeper cooperation in energy security, long-term oil and LNG contracts, fertilizers, critical minerals, manufacturing, digital services, defence production, nuclear energy, transport corridors and financial integration. The proposed India–Eurasian Economic Union Free Trade Agreement, expansion of rupee–ruble trade settlements, strengthening of the International North–South Transport Corridor (INSTC) and the proposed Chennai–Vladivostok Maritime Corridor are expected to significantly reduce logistics costs and boost two-way trade volumes in the coming years.

The ongoing high-level bilateral engagement during the Russian President’s visit to India has further strengthened this growth outlook. Several high-impact sectors are poised to benefit directly from the current discussions, including energy and hydrocarbons, fertilizers and agriculture, pharmaceuticals and healthcare, automobiles and auto components, engineering and heavy machinery, electronics and consumer appliances, IT and digital services, defence manufacturing, nuclear power, space cooperation, banking and financial services, shipping and logistics, and skilled labor mobility. Notably, discussions around joint fertilizer manufacturing in Russia by Indian public sector companies, long-term crude oil supply agreements, defence co-production under “Make in India”, and expanded digital and financial connectivity are expected to redefine the next phase of bilateral economic integration.

At Entellus International Private Limited, we view the evolving India–Russia trade corridor as a powerful multi-sector growth engine for global businesses. With the right mix of energy security, industrial collaboration, financial infrastructure and logistics connectivity, the US$100 billion trade milestone by 2030 is not only achievable but commercially transformative. As a global sourcing and multi-commodity trade partner, Entellus International remains committed to enabling Indian and international enterprises to participate meaningfully in this expanding bilateral opportunity across Agri-commodities, engineering products, processed foods, industrial raw materials and customized trade solutions.

The next decade of India–Russia trade will not only be defined by volumes—but by value, resilience and strategic diversification.