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India and Russia recorded USD 68.7 billion in bilateral goods trade in FY 2024–25, but the balance ran heavily in Russia’s favour: India exported USD 4.9 billion and imported USD 63.8 billion. Their goal is to raise annual trade to USD 100 billion by 2030 while increasing Indian exports. That is an official ambition, not an achieved result.
How much does India trade with Russia?
The latest complete-year official figures cited here are for FY 2024–25. The Government of India reported USD 68.7 billion in bilateral goods trade, comprising Indian exports worth USD 4.9 billion and imports worth USD 63.8 billion. The figures show a sharply import-weighted relationship; they are not a 2026 running total.
| Measure | FY 2024–25 |
|---|---|
| Bilateral goods trade | USD 68.7 billion |
| India’s exports to Russia | USD 4.9 billion |
| India’s imports from Russia | USD 63.8 billion |
These figures come from a Government of India Press Information Bureau economic-relations brief published in 2025. They describe merchandise trade. The same brief gives bilateral services trade of USD 1.021 billion for 2021, the latest services figure identified in that brief; it is a different year and should not be added to the 2024–25 goods total as if both figures covered the same period.
What does India export to Russia, and what does it import?
Indian exports
The Indian government identifies pharmaceuticals, chemicals, iron and steel, and marine products among India’s exports to Russia. These are established export categories, not evidence that any one sector will by itself close the trade gap.
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Indian imports
Imports from Russia include crude oil and petroleum products, sunflower oil, fertilizers, coking coal, and precious stones and metals, according to the same government brief. The prominence of energy and other commodities helps explain why total trade can be large while India’s exports remain much smaller.
What is the USD 100 billion trade target?
In a joint statement dated December 5, 2025, the two governments reaffirmed an aim of USD 100 billion in annual bilateral trade by 2030. They also called for trade that is more balanced and sustainable, including through increased Indian exports, industrial cooperation, technology partnerships, and investment. The target is not a forecast or proof that the trade level has already been reached.
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The statement welcomed a Programme for the Development of Strategic Areas of India–Russia Economic Cooperation through 2030. Its practical agenda spans removing barriers, improving payments and logistics, and supporting commercial and investment activity. The point of the policy shift is to turn a broad political relationship into transactions and projects; announced priorities alone do not establish that those transactions or projects have been delivered.
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Investment work and live projects
In September 2026, India’s Commerce and Industry Minister Piyush Goyal described a further goal of USD 50 billion in two-way investment by 2030. News On AIR reported that a bilateral priority-investment mechanism was tracking 40 live projects in advanced manufacturing, energy, mining, railways, and emerging technologies. “Live” describes projects being tracked by the mechanism, not projects all completed or guaranteed to proceed.
Is the India–EAEU free trade agreement in force?
No. A September 2026 News On AIR report said formal negotiations for an India–Eurasian Economic Union (EAEU) goods free trade agreement had begun. The December 2025 joint statement described the agreement as work in progress. The evidence available here does not establish that it has been signed, ratified, or entered into force.
The 2025 statement also called for further work on a bilateral investment-promotion and protection agreement. That is a separate track from the goods FTA; the statement’s call for more effort does not mean an investment agreement is already in force.
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What needs to change for trade to grow?
The governments’ agenda includes reducing tariff and non-tariff barriers, addressing logistics bottlenecks, enabling smoother payments, finding mutually acceptable insurance and reinsurance solutions, and encouraging regular interaction between businesses. These are practical conditions for executing deals, rather than outcomes demonstrated by the trade target itself.
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The two sides have said they will continue work on settlements in national currencies and consultations on interoperability among national payment systems, financial messaging systems, and central-bank digital currency platforms. This describes ongoing work, not a universally available or fully solved payment channel. For an individual transaction, businesses still need to establish whether their counterparties, banks, currencies, and compliance requirements support the proposed settlement method.
Trade barriers and commercial risk
Tariffs and non-tariff requirements can affect whether a product can enter a market and at what cost. Logistics, insurance, and reinsurance affect whether a transaction can be shipped and covered. The summit statement identifies these issues as priorities, but does not quantify the barriers or say that a standard solution is available for every shipment.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What are the India–Russia trade routes?
Official statements name the International North–South Transport Corridor (INSTC), the Chennai–Vladivostok maritime corridor, and the Northern Sea Route as connectivity priorities. The September 2026 Indian report again referred to the INSTC and Chennai–Vladivostok route.
The cited official material establishes that these routes are on the policy agenda; it does not provide comparable route-level data on transit time, cost, capacity, reliability, or cargo volumes. It therefore cannot support a claim that one is currently faster, cheaper, or more dependable than another. Businesses evaluating a route need current, shipment-specific information on available services, handoffs, customs, insurance, and delivery conditions.
How to tell whether the shift is becoming real
The distinction to watch is between commitments and measurable commercial results. Future reporting can test progress against the baseline by checking:
- Whether Indian exports rise from the FY 2024–25 level of USD 4.9 billion, using a comparable fiscal-year basis.
- Whether the export-import balance becomes less one-sided while total trade grows.
- Whether the 40 tracked investment projects advance into verifiable implementation and operation.
- Whether the India–EAEU FTA moves from negotiations to a signed and legally effective agreement.
- Whether corridor performance can be compared using consistent data on time, cost, volume, capacity, and reliability.
- Whether payment and insurance arrangements can be executed for actual transactions, rather than remaining consultation topics.
Until those results are measurable, the clearest description is that India and Russia have set an ambitious trade target and are building an implementation agenda around exports, investment, payments, risk, and connectivity—not that the new route to trade has already delivered its promised scale.
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