MOSCOW — In a major diplomatic engagement highlighting the strategic durability of New Delhi–Moscow relations, Russian President Vladimir Putin assured India of uninterrupted supplies of energy and agricultural fertilisers during high-level discussions with External Affairs Minister S. Jaishankar in the Russian capital.
The meeting comes against the backdrop of escalating West Asia geopolitical volatility, which has disrupted global supply chains. Addressing the crucial issue, President Putin emphasized Russia's commitment to supporting India's agricultural and energy needs. "We are doing everything we can to fully meet the needs of Indian farmers and the agricultural sector, increasing these supplies and standing ready to continue doing so," Putin stated during the interactions.
Jaishankar’s two-day visit to Moscow also included co-chairing the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) alongside Russia’s First Deputy Prime Minister Denis Manturov.
Addressing the Trade Imbalance
While bilateral trade between the two strategic partners experienced significant growth—surpassing nearly $60 billion in recent fiscal cycles compared to $13 billion in 2021–22—Minister Jaishankar highlighted a growing concern regarding trade deficits. The trade imbalance between the two countries has widened dramatically from $6.6 billion to over $50 billion.
Speaking at the IRIGC-TEC plenary, Jaishankar identified resolving this imbalance as a top priority for New Delhi. He emphasized the necessity of expanding market access for Indian goods, removing tariff and non-tariff barriers, establishing robust payment mechanisms, and fostering stronger business-to-business engagement to reach the target of $100 billion in annual bilateral trade by 2030.
"The complicated international scenario will constantly throw up fresh ideas because we are all focused on de-risking and diversifying," Jaishankar noted, reaffirming that the core economic complementarity between India and Russia remains strong and adaptable.
High-Level Diplomacy and Upcoming Summits
During his audience with President Putin, Jaishankar formally delivered a personal message from Prime Minister Narendra Modi and briefed the Russian leader on the outcomes of the inter-governmental economic review.
The meeting serves as an essential stepping stone ahead of a busy diplomatic calendar. Prime Minister Modi is set to meet President Putin at the upcoming Shanghai Cooperation Organisation (SCO) gathering, followed by the BRICS Leaders' Summit scheduled for September 12–13 in New Delhi.
Russian Foreign Minister Sergey Lavrov and other senior officials participated in the discussions, reinforcing mutual commitments across defense, nuclear energy, economic cooperation, and regional security priorities.
