Trade between India and Russia has grown by more than 20% this year, Russian State Duma Chairman Vyacheslav Volodin said during talks in New Delhi on Sunday, where he called for the removal of trade barriers and the expansion of joint business ventures.Volodin met the speaker of the Lok Sabha, Om Birla, ahead of the 12th BRICS Parliamentary Forum, which New Delhi is hosting on October 26-27. The discussions covered closer cooperation on trade, industry and agriculture, along with the strengthening of parliamentary ties.Bilateral commerce reached $47.7 billion in the first seven months of 2026, up 24.3% from a year earlier, according to data from the Indian Commerce Ministry, cited by Russian lender Sberbank.India imported $44.9 billion of Russian goods during the period, including $36 billion in crude oil. Indian exports to Russia totaled $2.8 billion, with Moscow increasing purchases of chemicals, electrical goods, medical equipment, seafood, tea, and spices.Volodin credited Russian President Vladimir Putin and Indian Prime Minister Narendra Modi with advancing bilateral ties.
🇮🇳🇷🇺 'Dynamic' Modi & Putin Set The Pace: Russian Duma Chief Says Moscow & Delhi Align On Global Issues Vyacheslav Volodin told Lok Sabha Speaker Om Birla that bilateral ties are advancing across sectors, stressing that parliamentarians must ensure agreements reached by the countries' leaders are translated into law. The duo met ahead of the 12th BRICS Parliamentary Forum in New Delhi.
Lawmakers should “provide legislative support for all decisions made at the level of heads of state,” he said, according to TASS.Birla highlighted opportunities to expand cooperation in nuclear energy and other industrial sectors, while calling for regular exchanges between the two parliaments.The expansion in commerce comes as New Delhi and Moscow work toward reaching $100 billion in annual bilateral trade by 2030. India is seeking to narrow its trade imbalance with Russia by increasing exports of pharmaceuticals, engineering goods, chemicals, food products, and auto components.
The countries have also strengthened local currency payment mechanisms to facilitate trade. Ruble-rupee settlements now account for 96% of bilateral transactions, Ivan Nosov, head of Sberbank India, said in September.The two countries are working to address standards-related issues and non-tariff barriers affecting Indian agricultural and marine exports. India is also negotiating a free trade agreement with the Eurasian Economic Union (EAEU), which includes Russia, to improve market access.Indian Ambassador to Russia Vinay Kumar said earlier this month that expanding the range of traded products and easing market restrictions would be central to increasing bilateral commerce.
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