India-Russia Trade Surge Accompanied by Growing Imbalance Amid West Asia Crisis

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India and Russia have significantly expanded their economic partnership, with bilateral trade quadrupling over five years to nearly 60 billion USD in FY26. However, during high-level meetings in Moscow, External Affairs Minister S. Jaishankar raised serious concerns with Russian President Vladimir Putin and First Deputy Prime Minister Denis Manturov regarding the heavily skewed trade deficit, which has widened from 6.6 billion USD to over 50 billion USD. India urged Russia to provide greater market access, remove non-tariff barriers, and strengthen alternative payment mechanisms to reach a targeted 100 billion USD trade goal by 2030. Amid global supply chain disruptions driven by the ongoing West Asia crisis, President Putin assured India of uninterrupted exports of energy and vital agricultural fertilizers to fully support Indian farmers. Both nations reaffirmed their commitment to resilient bilateral cooperation ahead of the upcoming SCO and BRICS summits.

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