External Affairs Minister S Jaishankar on Thursday held wide-ranging discussions in Moscow with his Russian counterpart Sergey Lavrov, focusing on trade, defence, and regional connectivity. The visit sets the stage for Russian President Vladimir Putin’s expected visit to India later this year and underscores the enduring strength of a partnership often described as one of the steadiest since the end of the Second World War.
At a joint press briefing, Jaishankar called India-Russia ties “among the steadiest of major relationships,” citing shared geopolitical convergence, high-level leadership engagement, and strong public sentiment as key drivers. He emphasised that, even amid evolving global dynamics, “our defence and military-technical cooperation also remains robust.”
Russia continues to support India’s Make in India initiative, especially through joint defence production and technology transfers — a critical pillar of cooperation as India seeks to enhance self-reliance in its defence capabilities.
However, the minister also drew attention to a concern, the ballooning trade imbalance between the two nations. While trade surged more than five-fold from $3 billion in 2021 to $68 billion in FY2024-25, the trade deficit — largely attributed to India’s oil imports from Russia — has widened alarmingly from $6.6 billion to $58.9 billion.
EAM proposed a range of measures, removing tariff and non-tariff barriers, solving logistical bottlenecks, boosting connectivity via the International North-South Transport Corridor (INSTC), the Northern Sea Route, and the Chennai-Vladivostok maritime corridor.
“These efforts are essential not only to address the current trade imbalance but also to achieve our revised trade target of $100 billion by 2030,” he said.
Jaishankar also pushed for the early conclusion of the India-Eurasian Economic Union Free Trade Agreement, noting that the terms of reference were finalised this week. The FTA is seen as a critical step toward institutionalising long-term economic cooperation between India and the broader Eurasian region.
Jaishankar’s visit, which comes in the backdrop of heightened global trade tensions, is also viewed as a strategic counterbalance to mounting pressure from Washington. The U.S. under President Donald Trump, has recently imposed 50 per cent combined tariffs on Indian goods and Indian purchases of Russian oil, attempting to pressure New Delhi to cut energy ties with Moscow.
India, however, has remained firm in maintaining its energy and strategic autonomy.
“In a world where challenges are increasing, the value of trusted, time-tested partnerships like India and Russia’s is clearer than ever,” Jaishankar remarked, highlighting that both countries met in person twice last year, demonstrating strong political will to deepen cooperation.
As part of their robust cooperation, Russia continues to play a significant role in supplying and co-developing key Indian defence platforms. In recent years, India has diversified its defence imports, but Moscow remains a top partner in terms of both technology sharing and production collaboration.
Jaishankar’s three-day Moscow visit is expected to pave the way for substantial outcomes during President Putin’s anticipated visit to India later this year, expected in November or December 2025.
With defence, energy, trade, and regional stability at the core, the Indo-Russian relationship appears set to deepen further - even as the world watches shifting alliances with cautious interest.
“India-Russia ties are guided by wisdom, mutual respect, and strategic clarity. The road ahead is filled with opportunities - if we manage the imbalances and harness the potential,” Jaishankar concluded.