As Russian President Vladimir Putin visits India for the 23rd India–Russia Annual Summit on December 4-5, Moneycontrol examines the trade ties, local-currency transactions, and crude oil cooperation between the two nations.

Trade

Total merchandise trade between India and Russia was worth $68.7 billion in FY25, a growth of 5 percent on-year.

But trade between India and Russia remains heavily skewed, with Indian exports at less than $5 billion annually, while imports stand at around $64 billion, largely driven by New Delhi’s purchases of crude oil from Moscow.

An increase in Russian oil purchases, with New Delhi having little to offer in exports, has widened the trade gap.

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