Moscow / New Delhi – External Affairs Minister S. Jaishankar has called for urgent steps to address India’s growing trade deficit with Russia, which has widened to $58.9 billion largely due to a surge in oil imports.

Speaking at the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) in Moscow, Jaishankar stressed the need to remove trade barriers, strengthen logistics, and finalize the India-Eurasian Economic Union Free Trade Agreement (FTA).

Push for Diversified Trade

Jaishankar, who co-chaired the session with Russia’s First Deputy Prime Minister Denis Manturov, said both sides should work towards expanding cooperation in transport, energy, banking, and financial systems that are insulated from sanctions. He also highlighted the importance of using national currencies in bilateral trade to ease payment challenges.

“These measures will not only reduce the imbalance but also accelerate progress towards our revised target of $100 billion in trade by 2030,” he said.

Focus on Connectivity

To boost trade efficiency, Jaishankar called for faster implementation of major connectivity projects such as the International North-South Transport Corridor (INSTC), the Northern Sea Route, and the Chennai–Vladivostok maritime corridor. He also urged both sides to push forward the Programme of Economic Cooperation till 2030.

Russia’s Response

Ahead of Jaishankar’s meeting with Russian Foreign Minister Sergey Lavrov, Moscow said discussions would center on strengthening logistics, transport, energy, agriculture, and scientific-technical collaboration. Russia emphasized that its “special privileged strategic partnership” with India is built on mutual trust and respect.

Lavrov is also expected to brief Jaishankar on the outcomes of the Russia–US summit in Alaska, along with developments related to the ongoing Russia-Ukraine conflict.

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