• Military

• WMD Menu                           

• Introduction
• Systems
• Facilities
• Agencies
• Operations
• Countries
• Hot Documents
• News
• Reports
• Policy
• Budget
• Congress
• Links

• Intelligence
• Homeland Security
• Space

India, Russia aim for $100bn trade despite US pushback

Iran Press TV

Thursday, 21 August 2025 7:12 PM

India has disclosed plans to increase its annual trade with Russia to $100 billion by 2030, despite US opposition to the growing cooperation between Moscow and New Delhi.

"Our bilateral trade is today at USD 66 billion. This makes the goal of reaching USD 100 billion by 2030 more than realistic," Indian External Affairs Minister Subrahmanyam Jaishankar announced on Wednesday during a visit to Moscow to attend the India-Russia Business Forum.

Jaishankar added that rising global uncertainty places emphasis on "dependable and steady partners."

In his opening remarks at the meeting, the minister stated, "The global context for our meeting today is provided by the evolving geopolitical situation, the shifting economic and trade landscape, and our shared goal is to maximize our complementarity."

"We reaffirmed the shared ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India's exports to Russia."

The Indian minister highlighted sectors such as drugs and pharmaceuticals, agriculture, and textiles, arguing they could help address the current trade imbalance. The meeting also addressed steps to ensure the long-term supply of fertilizers.

Jaishankar noted that Indian skilled workers in information technology, construction, and engineering could meet labor demands in Russia and deepen bilateral cooperation. He also emphasized the importance of energy cooperation through trade and investments.

Discussions at the meeting included connectivity initiatives such as the international North-South transport corridors, the Chennai-Vladivostok Eastern Maritime corridor, and cooperation on the North Sea route.

To enhance trade, India and the Russia-led Eurasian Economic Union (EAEU) signed Terms of Reference in Moscow to launch negotiations on a Free Trade Agreement (FTA).

Russia ranks as India's fourth-largest trade partner, while India is Russia's second-largest, with India running a substantial trade deficit since it began importing crude oil from its long-standing partner. In 2024-25, India's exports to Russia amounted to $4.8 billion, whereas imports were $63.8 billion.

Following the outbreak of the war in Ukraine in 2022 and Russia's loss of access to European markets, New Delhi's purchases of Russian crude surged. This shift enabled India to take advantage of steep discounts offered by Moscow.

This growing partnership has angered the US administration, with US President Donald Trump taking measures to punish India, particularly for its continued purchases of Russian oil.

Earlier this month, US President Donald Trump announced an additional 25 percent tariff on imports from India, bringing total levies against one of Washington's most important trading partners to 50 percent.

Trump also threatened to further increase the tariffs to a level that will render Indian exports to the US uncompetitive.

India responded by asserting its right to purchase oil from the cheapest source, describing the tariffs as "unreasonable."

To ease tensions, India's state refineries began purchasing large volumes of non-Russian crude last week.

Indian Oil Corporation and Bharat Petroleum Corporation have procured oil from multiple alternative suppliers, including those in the US, Brazil, and the Persian Gulf states, for the October delivery.

However, private Indian refiners are expected to continue purchasing Russian oil under previously signed long-term contracts.

Last week, Indian Prime Minister Narendra Modi addressed his nation during the 78th annual Independence Day celebrations at New Delhi's Red Fort, pledging a commitment to the country's self-reliance in energy independence and the development of its own defense systems.

New Delhi is reportedly reconsidering plans to send Defense Minister Rajnath Singh to Washington to procure US weapons and military aircraft.

In February of this year, Trump and Modi announced plans for the procurement and joint production of Stryker combat vehicles made by General Dynamics Land Systems and Javelin anti-tank missiles manufactured by Raytheon and Lockheed Martin.

India's defense minister also planned to announce the purchase of six Boeing P-8I reconnaissance aircraft and associated support systems for the Indian Navy during the trip to Washington.