India-Russia Trade
Structure and Payment Challenge
India-Russia bilateral trade has grown dramatically since 2022, primarily driven by discounted Russian crude oil imports. However, this has created an asymmetric, energy-skewed relationship with significant structural challenges.
- Trade imbalance: India's trade deficit with Russia reached approximately $58.9 billion in FY 2024-25 (imports of $63.8 bn vs. exports of $4.9 bn)
- Payment mechanism challenge: Western sanctions on Russia have disrupted SWIFT-based settlements; both sides are exploring Rupee-Ruble trade arrangements and use of third-country banks and currencies
- India-Eurasian Economic Union FTA: Under negotiation; would reduce tariff barriers for Indian goods entering Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan — a key lever for rebalancing trade
- Programme of Economic Cooperation till 2030: A bilateral roadmap covering joint ventures, technology transfer, and connectivity
● Tracked since March 19, 2026 · last seen July 05, 2026 · updates as the daily brief publishes
See it in today’s brief.
Daily current affairs with every static concept explained in place.
Read the daily brief