Russia and India Aim to Increase Bilateral Trade to $100 Billion by 2030
In a meeting in Moscow, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi set a goal to boost bilateral trade to $100 billion by 2030, up from the current $65 billion. The two leaders discussed ways to strengthen the partnership between their countries, including establishing a government-to-government route for India to collaborate with Russian energy giants like Rosneft.
India has been the largest buyer of Russian seaborne oil since 2022, when sanctions were imposed on Moscow over the conflict in Ukraine. With a growing demand for energy, India aims to expand its purchases from Russia while working to enhance exports to improve its trade balance.
The joint statement issued after the meeting highlighted nine key areas of cooperation to achieve the $100 billion trade target. India expressed interest in establishing a free trade agreement with the Eurasian Economic Union, led by Russia. Additionally, the leaders agreed to use national currencies for payments, reducing reliance on the US dollar and helping Russia circumvent Western sanctions.
By strengthening economic ties, Russia and India are poised to deepen their partnership and drive mutual growth in the coming years.