India among the main foreign trade partners of Russia: Prime Minister Mishustin

Russian President Vladimir Putin (right) and Russian Prime Minister Mikhail Mishustin arrive at a government meeting in Moscow. | Photo credit: AP

India was among Russia’s top foreign trade partners as Moscow redirected its energy flows to friendly countries, Russian Prime Minister Mikhail Mishustin said on Tuesday (Jan 20, 2026).

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The share of friendly countries in Russia’s trade turnover reached an all-time high of 86%, with particular increases in trade with China, Belarus, India and Kazakhstan, Mr. Mishustin said.

In the financial year 2024-25, total trade between India and Russia will reach an all-time high of around $68.7 billion, a sharp increase from around $13 billion in 2021, representing a nearly five- to six-fold increase in four years.

The two countries have set ambitious targets to increase bilateral trade to $100 billion by 2030, reflecting deepening economic ties beyond energy, including sectors such as pharmaceuticals, defense and technology.

“By 2025, the reference value for supplies to friendly countries has already been exceeded – a new historical record of 86 percent can be reached. China, Belarus, India and Kazakhstan have shown significant growth,” Mr. Mishustin said in his televised remarks at a strategic meeting on the development of foreign economic activity.

Russia has redirected a significant part of energy supplies to friendly countries, but some segments in this sphere are not characterized by high flexibility and require longer-term and costly efforts to redirect flows. “However, despite the unprecedented external pressure (Western sanctions), Russia demonstrated a high level of efficiency in adapting to the sanctions. A significant part of the energy resource flows went to friendly countries,” Mishustin said.

The share of so-called “backbone” countries in the sphere has doubled over the past three years to 80% in the first half of 2025, he noted.

“The weight of different countries in the global economy is still shifting. The contribution of the global South and East, especially the BRICS countries, is increasing, while the share of the G7 is decreasing,” Mishustin said, according to the Rossiya-24 channel.

Russia continues to actively develop bilateral trade using rubles and national currencies of partner countries: from January to October, their share in trade turnover with all countries reached 85%, according to Mr. Mishustin.

“The transition to settlement in national currencies continues. Over the past 10 months, their share in trade turnover with all countries has reached 85%. Here, too, we are ahead of our previously set goal of 70%. And rubles make up more than half of all settlement transactions,” he said.

Published – 21 Jan 2026 02:16 IST