Putin, Jaishankar Plot India-Russia Trade Push

External Affairs Minister S. Jaishankar’s meeting with Russian President Vladimir Putin in Moscow has put energy, fertilisers, trade, nuclear cooperation and defence at the centre of India-Russia ties, with both sides discussing ways to expand the partnership.

Jaishankar met Putin at the Kremlin on Monday, conveying Prime Minister Narendra Modi’s greetings and delivering a personal message from the Indian leader. The meeting also covered the next phase of high-level engagement between the two countries.

Putin highlighted the depth of the relationship and the expansion of cooperation across several sectors. He also noted that bilateral trade was growing again in 2026.

Jaishankar said the two countries had a “very strong picture of cooperation” spanning trade, energy, fertilisers, nuclear cooperation and other areas.

Bilateral trade has expanded sharply in recent years. Jaishankar said goods trade increased from about $13 billion in 2021-22 to nearly $60 billion in 2025-26.

The growth, however, has been accompanied by a substantial imbalance, with India’s imports from Russia, particularly energy purchases, rising much faster than Indian exports to the Russian market.

Correcting that imbalance is one of India’s immediate priorities. Expanding market access, addressing tariff and non-tariff barriers, improving payment mechanisms and increasing business-to-business engagement will be central to the effort to reach the shared target of $100 billion in bilateral trade by 2030.

India is seeking greater opportunities for exports of pharmaceuticals, machinery, agricultural products, technology and other goods to Russia.

Energy remains at the heart of the economic relationship. India has continued to purchase substantial quantities of Russian crude, with the supplies helping Indian refiners secure competitive crude and diversify their sources.

Russian oil imports reached record levels earlier this year, although shipments were more controlled in August as China increased its purchases of Russian crude and global supply conditions remained volatile.

India continues to balance its energy requirements with its wider geopolitical relationships. Russian crude remains an important component of India’s energy supplies, while New Delhi is also maintaining alternative sources and strengthening domestic capabilities.

Fertiliser supplies were another important issue in the discussions. Putin told Jaishankar that Russia was increasing supplies to India and was prepared to continue doing so.

“We are doing everything to resolve this matter for Indian farmers and for agriculture; we are increasing these supplies and are ready to continue doing so,” Putin said.

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For India, fertiliser availability has direct implications for agricultural production and food security.

Defence remains another major pillar of the relationship, although cooperation is increasingly focused on capabilities and technology alongside traditional military purchases.

India already operates Russian-origin systems, including the S-400 air-defence platform, while Russian technology continues to feature in India’s wider surveillance and air-defence architecture.

The Russian-origin Nebo-UM long-range radar was seen during the Indian Air Force’s Vayu Shakti 2026 exercise. The system is designed to improve the detection of low-observable aircraft and has attracted attention for its potential relevance to emerging stealth-aircraft threats.

There have also been reports of India considering the Russian Voronezh early-warning radar system, with earlier estimates putting the potential deal at around $4 billion. Such a system would expand India’s long-range surveillance and missile-warning capabilities.

Reports have also suggested that additional S-400 systems could be considered. These remain reported possibilities and are not confirmed new contracts.

The bilateral relationship is also extending into nuclear power, connectivity and other areas. Russian First Deputy Prime Minister Denis Manturov said Moscow was discussing cooperation with India on smaller-capacity nuclear units.

Russia is also engaging India on the Northern Sea Route as the two countries examine alternative connectivity and shipping options. Energy cooperation is similarly extending beyond crude purchases to hydrocarbons, exploration and extraction.

Jaishankar’s talks with Manturov also covered investments, technology, space, connectivity and mobility.

The Moscow visit also set the stage for several upcoming meetings between Modi and Putin. Jaishankar told Putin that Modi looked forward to meeting him at the Shanghai Cooperation Organisation summit and to welcoming him to India for the BRICS summit. The two leaders are also expected to hold their annual bilateral summit later, at a mutually convenient time.

Jaishankar subsequently held talks with Russian Foreign Minister Sergey Lavrov, covering bilateral cooperation as well as regional and global issues, including Ukraine, Iran and Afghanistan.

The discussions in Moscow have therefore placed a wide range of issues on the India-Russia agenda, from oil and fertilisers to trade, defence, nuclear cooperation and connectivity, as both sides seek to expand their partnership while addressing the growing imbalance in bilateral trade.