Jaishankar Meets Putin in Moscow as India and Russia Review Growing Economic Partnership

External Affairs Minister S. Jaishankar on Monday met Russian President Vladimir Putin in Moscow to review bilateral relations and discuss key areas of economic cooperation. Jaishankar, who arrived in the Russian capital on Sunday for a two-day official visit, stated that economic engagement between India and Russia has grown very significantly in recent years.

During the meeting at the Kremlin, Jaishankar conveyed the good wishes of Prime Minister Narendra Modi and handed over a personal communication from him. He informed President Putin that the Intergovernmental Commission had met earlier in the day and presented a positive assessment of progress across several sectors. He specifically referred to advances in trade, energy, fertilisers, nuclear cooperation and other dimensions of the partnership.

Putin also said trade between Russia and India had increased this year after declining slightly last year. (Photo: X/@DrSJaishankar) | India Today

Focus on Trade and Economic Cooperation

Jaishankar noted that overall economic cooperation had expanded substantially. He told President Putin that Prime Minister Modi looked forward to meeting him at the Shanghai Cooperation Organisation Summit, welcoming him to India for the BRICS Summit, and holding the annual bilateral summit at a mutually convenient time. The conversation reflected a shared interest in maintaining the momentum of engagement between the two countries.

President Putin observed that bilateral trade had increased this year after a slight decline in the previous year. He attributed part of the renewed growth to the personal attention given by Prime Minister Modi to the development of India-Russia relations. Putin also stated that Russia was expanding its fertiliser supplies to India and remained ready to continue doing so in order to meet the needs of Indian farmers and the agricultural sector.

Outcomes of the Intergovernmental Commission Meeting

The meeting with President Putin followed talks earlier in the day between Jaishankar and Russian First Deputy Prime Minister Denis Manturov. The two co-chaired the 27th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation. At that session, Jaishankar pointed out that bilateral trade in goods had increased more than fourfold over the past five years, rising from around USD 13 billion in 2021-22 to nearly USD 60 billion in 2025-26. He also acknowledged that the rapid expansion had been accompanied by a widening trade imbalance.

Manturov reported that bilateral trade had grown by approximately 8 per cent in the first half of 2026 and underlined the importance of diversifying the trade basket beyond traditional energy and fertiliser supplies. Expanding areas of engagement include agricultural produce, machine-building goods, metallurgy and forest products.

Energy, Nuclear and Strategic Dimensions

Energy continues to form a central pillar of the India-Russia relationship. Russia has emerged as a major supplier of crude oil to India, and cooperation extends to nuclear energy, with the Kudankulam Nuclear Power Plant remaining a flagship project. Both sides have previously set a target of reaching USD 100 billion in bilateral trade by 2030. Discussions have also touched upon the potential for further collaboration in gas, petrochemicals and related sectors.

Jaishankar is scheduled to meet Russian Foreign Minister Sergey Lavrov during the visit to exchange views on regional and global issues. The current engagement follows their earlier meeting on the sidelines of ASEAN-related ministerial discussions in Manila.

Upcoming High-Level Engagements

The Moscow visit takes place ahead of two major multilateral gatherings. The Shanghai Cooperation Organisation Summit is scheduled for late August and early September in Kyrgyzstan, where Prime Minister Modi and President Putin are expected to meet. This will be followed by the BRICS leaders’ summit in New Delhi on 12-13 September, which President Putin is confirmed to attend. The annual India-Russia bilateral summit is also anticipated later in the year at a mutually convenient time.

The MGMM Outlook 

India and Russia continue to strengthen a long-standing strategic partnership that is increasingly driven by economic cooperation alongside traditional defence ties. External Affairs Minister S. Jaishankar's meeting with President Vladimir Putin in Moscow highlighted the remarkable growth in bilateral trade, expanding collaboration in energy, fertilisers, nuclear power and technology, and the shared commitment to broadening trade into new sectors such as manufacturing and agriculture. With trade rising from around USD 13 billion to nearly USD 60 billion in just five years, both nations are working toward an ambitious target of USD 100 billion by 2030.

The Moscow discussions also signal the importance both countries place on sustained high-level engagement through forums such as the SCO, BRICS and the annual bilateral summit. As global economic and geopolitical dynamics continue to evolve, India and Russia are seeking to build a more diversified and resilient partnership that supports energy security, agricultural needs and long-term economic growth while creating new opportunities for cooperation across multiple industries.

(Sources: News18, India Today, Moneycontrol)