India-Russia bilateral trade reached Rs. 4.48 lakh crore (US$ 47.70 billion) during the first seven months of 2026, registering an impressive 24.30% year-on-year increase. The growth highlights the continued importance of economic relations between India and Russia, particularly in energy supplies, industrial products and other areas of commercial cooperation.

According to data from India's Commerce Ministry cited by Russian lender Sberbank, trade between the two countries increased significantly during the January-to-July period. Russian State Duma Chairman Vyacheslav Volodin also stated that bilateral trade had grown by more than 20% during the year. He emphasised the need to remove trade barriers and encourage joint business ventures to strengthen commercial relations further.

The discussions took place during a meeting between Volodin and Lok Sabha Speaker Om Birla in New Delhi ahead of the 12th BRICS Parliamentary Forum, held on October 26–27, 2026. The meeting covered cooperation in trade, industry and agriculture, along with the importance of strengthening parliamentary relations between the two countries.

The increase in bilateral trade reflects the continuing economic engagement between India and Russia. However, the trade figures also show that the relationship is heavily influenced by India's imports from Russia, especially crude oil. Indian exports to Russia remain much smaller than imports, highlighting the importance of exploring opportunities to expand Indian businesses' access to the Russian market.

The latest figures provide an important picture of the trade relationship during the first seven months of 2026. They also underline the need for continued dialogue, improved market access and greater participation by businesses in both countries.

India-Russia Trade Reaches US$ 47.70 Billion

The total value of India-Russia bilateral trade reached US$ 47.70 billion, equivalent to approximately Rs. 4.48 lakh crore, in the first seven months of 2026. The reported 24.30% growth compared with the same period of the previous year indicates that commercial engagement between the two countries continued to expand.

Bilateral trade refers to the exchange of goods and services between two countries. It includes exports from one country to another and imports purchased from overseas suppliers. When the value of trade rises, it can indicate an increase in the quantity of goods exchanged, changes in prices or a combination of different factors.

In the case of India and Russia, energy supplies have played a major role in the overall trade relationship. India imports large quantities of Russian crude oil, while Indian companies export a range of products, including chemicals, electrical goods, medical equipment, seafood, tea and spices.

The latest trade figures show that imports from Russia accounted for most of the total bilateral trade value. India's purchases of Russian goods reached US$ 44.90 billion, while exports from India to Russia amounted to US$ 2.80 billion.

This difference between imports and exports is an important feature of the trade relationship. Although total bilateral trade has grown, the figures indicate that India's purchases from Russia remain considerably higher than the value of Indian goods sold to the Russian market.

For India, expanding exports could help create additional opportunities for domestic manufacturers, agricultural producers and other businesses. For Russia, continued trade with India provides an important commercial relationship across energy and other product categories.

The growth in total trade demonstrates the scale of the economic connection between the two countries. At the same time, the figures highlight areas where further efforts may help make the trade relationship more balanced and create opportunities for a wider range of businesses.

Vyacheslav Volodin Calls for Removing Trade Barriers

Russian State Duma Chairman Vyacheslav Volodin highlighted the growth in India-Russia trade and called for removing barriers that may restrict commercial activity between the two countries. He also emphasised the importance of expanding joint business ventures.

Trade barriers can include customs procedures, administrative requirements, regulatory differences, restrictions on market access and other obstacles that make it difficult or expensive for businesses to sell products in another country. Some barriers are necessary for legitimate policy purposes, but complicated or unclear procedures can increase costs and discourage companies from entering new markets.

Reducing unnecessary barriers can help businesses understand the requirements for exporting and importing goods. It may also make it easier for companies to identify customers, build supply relationships and establish long-term commercial partnerships.

For India and Russia, improving trade conditions could support the participation of more businesses in bilateral commerce. Large companies already involved in energy and industrial trade may benefit from more efficient arrangements, while small and medium-sized enterprises could gain opportunities to explore overseas markets.

Volodin's call for joint business ventures is also significant. A joint venture generally involves two or more businesses working together on a commercial project. The partners may share investment, expertise, technology, resources and responsibilities, depending on the structure of their agreement.

Such arrangements can help companies enter unfamiliar markets by working with local partners who understand business practices, customer requirements and regulatory conditions. They can also provide opportunities to develop products and services suited to specific markets.

Joint ventures may be considered across manufacturing, agriculture, industrial products, technology and other sectors where businesses identify a suitable commercial opportunity. However, successful partnerships require careful planning, clear responsibilities and a sound understanding of the risks involved.

The discussion in New Delhi therefore focused not only on the growth of trade but also on practical measures that could support further expansion. Removing unnecessary barriers and encouraging business partnerships may help India and Russia widen their economic engagement beyond existing areas of trade.

Meeting Between Vyacheslav Volodin and Om Birla in New Delhi

The trade discussions took place during a meeting between Vyacheslav Volodin and Lok Sabha Speaker Om Birla in New Delhi. The meeting was held ahead of the 12th BRICS Parliamentary Forum, which took place on October 26–27, 2026.

Parliamentary meetings provide an opportunity for representatives to exchange views on issues of mutual interest. They also help maintain communication between legislative institutions and allow lawmakers to discuss how parliamentary cooperation can support wider bilateral relations.

The discussions between Volodin and Birla covered trade, industry and agriculture. These sectors are important to economic cooperation because they involve the movement of goods, business investment, production activities and the development of commercial relationships.

Trade discussions can help representatives understand the practical challenges faced by businesses. For example, companies may need clear customs procedures, reliable transport arrangements, predictable regulations and suitable ways to conduct payments. Discussions between institutions can help identify matters that require attention from the relevant authorities.

Industry cooperation can create opportunities for manufacturers to explore markets, develop supply relationships and consider joint projects. Agricultural cooperation can support exchanges involving food products, agricultural commodities and related commercial activities.

The meeting also highlighted the importance of parliamentary ties. Legislative institutions can contribute to bilateral cooperation by discussing policy priorities and providing support for decisions taken by the leadership of their respective countries.

Although parliamentary engagement does not replace government negotiations or business agreements, it can complement them. Regular communication between lawmakers helps maintain dialogue and can create opportunities to discuss issues affecting economic relations.

The meeting between Volodin and Birla formed part of the wider engagement between India and Russia. Its focus on trade and industry reflected the importance of practical economic cooperation, while the discussions on parliamentary ties underlined the institutional connections supporting the relationship.

The Importance of the 12th BRICS Parliamentary Forum

The 12th BRICS Parliamentary Forum, held on October 26–27, 2026, provided the wider setting for parliamentary engagement in New Delhi. Parliamentary forums bring together representatives from participating countries to exchange views and discuss issues relevant to cooperation.

BRICS is a grouping of countries that engage on a range of economic, political and development-related matters. Parliamentary interactions associated with such groupings offer an additional platform for dialogue between legislative institutions.

The forum provided a context for discussions involving India and Russia at a time when bilateral trade was recording substantial growth. The meeting between Volodin and Birla ahead of the event highlighted the importance of maintaining contact between parliamentary leaders while discussing practical areas of economic cooperation.

Trade, industry and agriculture are relevant subjects for parliamentary discussions because they influence employment, business development, investment and economic growth. Lawmakers can discuss the policy environment surrounding these activities and exchange views on ways to support cooperation.

Parliamentary forums can also provide opportunities for representatives to understand different national priorities. Each country has its own economic structure, regulatory system and development requirements. Dialogue helps participants understand these differences and identify areas where cooperation may be possible.

However, the practical benefits of such engagement depend on what follows the discussions. Commercial partnerships, policy implementation and business decisions are necessary to turn broad areas of agreement into measurable outcomes.

For India and Russia, parliamentary engagement can complement direct economic cooperation by keeping communication active and supporting discussions on shared interests. It can also provide a platform for addressing the challenges that businesses face when working across borders.

The meeting ahead of the 12th BRICS Parliamentary Forum therefore connected parliamentary diplomacy with the broader objective of expanding India-Russia trade. It demonstrated the role of institutional dialogue in supporting economic relationships and encouraging further cooperation.

India's Imports from Russia Reach US$ 44.90 Billion

India imported goods worth Rs. 4.22 lakh crore (US$ 44.90 billion) from Russia during the first seven months of 2026. This represented the largest part of the reported bilateral trade total of US$ 47.70 billion.

Imports are goods and services purchased by a country from foreign suppliers. Countries import products for several reasons, including meeting domestic demand, supporting industrial production and securing supplies that may not be available in sufficient quantities from domestic sources.

In India's trade relationship with Russia, crude oil was a major import category. The data cited in the report showed that crude oil purchases amounted to Rs. 3.38 lakh crore (US$ 36.00 billion) during the seven-month period.

This figure highlights the significant role of energy in India-Russia economic relations. Crude oil is an important input for refineries, which process it into products used across transport, industry and other parts of the economy.

Oil imports can be influenced by several factors, including global energy prices, demand, availability, shipping costs and commercial decisions made by buyers and sellers. As a result, changes in the value of oil trade do not necessarily reflect changes in the volume of oil purchased alone.

For India, access to reliable energy supplies is an important economic consideration. Energy availability affects transport, manufacturing, logistics and other activities that depend on fuel and related products.

For Russia, crude oil sales form a significant part of its commercial relationship with India. The scale of these purchases has contributed substantially to the overall value of bilateral trade.

At the same time, the concentration of trade in energy products means that the overall figures are strongly influenced by developments in the oil market. Changes in oil prices or purchasing patterns can affect the total value of trade even if other areas of commerce experience different trends.

The latest data therefore illustrates both the importance of crude oil in the India-Russia relationship and the need to consider the composition of trade when evaluating its growth.

Crude Oil Remains a Major Component of Bilateral Trade

Russian crude oil imports reached US$ 36 billion during the first seven months of 2026, according to the figures cited in the report. This represented a substantial share of India's total imports from Russia and an even larger proportion of the overall bilateral trade value.

Crude oil is a basic raw material for the petroleum industry. Refineries process it into products such as petrol, diesel, aviation fuel and other petroleum-based materials. These products support transport, manufacturing and several other economic activities.

Countries that import crude oil need to consider a range of factors when choosing suppliers. These may include price, quality, availability, transportation costs, delivery schedules and the requirements of domestic refineries.

The reported value of India's Russian crude oil imports highlights the importance of energy trade within the bilateral relationship. It also explains why changes in crude oil purchasing patterns can have a major effect on total India-Russia trade figures.

However, the value of crude oil trade should be viewed in the context of the wider economic relationship. Trade also includes other goods, such as chemicals, electrical equipment, medical products, seafood, tea and spices.

A broader range of commercial activities can help businesses from both countries participate in bilateral trade. Expanding trade beyond major existing categories may provide additional opportunities for manufacturers, agricultural producers and other exporters.

Diversification does not necessarily mean reducing cooperation in energy. Instead, it involves developing additional areas of trade alongside established commercial relationships.

For India, a wider range of exports to Russia could help domestic businesses reach more customers and create new sources of commercial revenue. For Russian businesses, stronger commercial connections with Indian suppliers may provide access to additional goods and business partnerships.

The latest crude oil figures therefore offer an important insight into the current structure of bilateral trade. They also underline why efforts to expand other areas of cooperation may be relevant to the long-term development of the relationship.

Indian Exports to Russia Total US$ 2.80 Billion

India's exports to Russia amounted to Rs. 26,500 crore (US$ 2.80 billion) during the first seven months of 2026. The reported exports included products such as chemicals, electrical goods, medical equipment, seafood, tea and spices.

Exports are goods and services sold by domestic businesses to customers in foreign markets. Export activity can help companies increase sales, reach new customers and expand beyond their home market.

For Indian businesses, the Russian market may offer opportunities across different product categories. Chemicals and electrical goods can serve industrial and commercial requirements, while medical equipment may support healthcare-related demand. Seafood, tea and spices represent categories in which Indian suppliers can offer products to overseas buyers.

Each category has its own commercial requirements. Industrial products may require technical specifications and compliance with relevant standards. Medical equipment can involve regulatory requirements and product approvals. Food products may need to meet safety, packaging, labelling and quality conditions.

Businesses seeking to export therefore need to understand the requirements of their target markets before committing resources. They may also need reliable distributors, importers or other commercial partners who can help manage local operations.

The comparatively smaller value of Indian exports, compared with imports from Russia, indicates that there may be room to expand India's participation in bilateral trade. However, increasing exports requires more than identifying potential products. Companies need to offer competitive prices, maintain quality, meet delivery requirements and establish sustainable relationships with buyers.

Government institutions and business organisations can support exporters by providing market information and opportunities to connect with potential partners. Trade discussions can also help identify practical issues that may affect market access.

The call to remove trade barriers is relevant in this context. Clearer procedures and more efficient commercial arrangements may make it easier for businesses to understand the requirements for exporting and importing goods.

India's export performance will depend on the ability of domestic companies to turn market opportunities into actual sales. The latest figures provide a baseline for understanding the existing trade structure and the scope for further commercial engagement.

Chemicals and Electrical Goods Offer Industrial Trade Opportunities

Chemicals and electrical goods were among the products included in Russian purchases from India during the period. These categories are relevant to industrial activity because they can be used in manufacturing, infrastructure, commercial operations and other economic sectors.

Chemical products serve a wide range of purposes, depending on their type and application. Some are used as industrial inputs, while others may support specialised manufacturing processes. Exporting such products requires businesses to understand product specifications, safety requirements, packaging standards and the needs of buyers.

Electrical goods also cover a broad category of products used by businesses and consumers. Depending on the product, exports may involve equipment, components or other items required for industrial and commercial applications.

For Indian manufacturers, overseas markets can provide opportunities to increase production and expand their customer base. Exporting may also encourage companies to improve product quality, develop distribution networks and strengthen their ability to compete internationally.

The Russian market can be explored by Indian suppliers that have suitable products and can meet the relevant commercial and regulatory requirements. Companies may begin by researching demand, identifying importers and evaluating the costs involved in serving customers in Russia.

Joint business ventures could provide another way to develop industrial cooperation. Companies from India and Russia may explore partnerships where they see complementary capabilities or commercial opportunities. Such arrangements could involve distribution, production, technical cooperation or other activities, depending on the project.

However, industrial partnerships require careful assessment. Businesses need to understand the market, evaluate financial risks and agree on clear commercial terms before investing.

The discussion between Volodin and Birla about industry cooperation provides a wider context for exploring these opportunities. By encouraging dialogue and reducing unnecessary barriers, both countries may be able to support stronger connections between their industrial sectors.

Medical Equipment, Seafood, Tea and Spices in Bilateral Trade

The products purchased by Russia from India also included medical equipment, seafood, tea and spices. These categories demonstrate that bilateral trade is not limited to energy and industrial supplies.

Medical equipment can include products used by hospitals, clinics and other healthcare providers. Businesses exporting such goods must understand the technical and regulatory requirements of the destination market. Product quality, safety, certification and reliable after-sales support may be important considerations for buyers.

Seafood exports depend on factors such as product quality, freshness, processing standards, transportation arrangements and food safety requirements. Exporters need supply chains that can preserve product quality while meeting the conditions established by the importing market.

Tea and spices are important agricultural and food-related product categories for Indian exporters. Their international sale can provide opportunities for producers, processors, packaging businesses and trading companies.

Exporters in these sectors must understand customer preferences and market requirements. Buyers may have specific expectations relating to product varieties, packaging, quality and delivery schedules.

Developing long-term relationships with importers can help exporters better understand demand and plan their commercial activities. Reliable suppliers may be better positioned to build repeat business and explore opportunities to expand their product range.

These categories also demonstrate the importance of agriculture and related industries in bilateral economic cooperation. Agricultural trade can connect producers and processors with international markets, while creating commercial opportunities for businesses involved in logistics, storage and distribution.

The meeting between Indian and Russian parliamentary leaders included discussions on agriculture alongside trade and industry. This broad approach reflects the variety of sectors that can contribute to the bilateral relationship.

Although these exports currently represent a smaller value than India's imports from Russia, they remain relevant to efforts to broaden commercial engagement. Expanding exports across different product categories could help more Indian businesses participate in the Russian market.

Trade Imbalance and the Need to Expand Indian Exports

One of the main features of the reported figures is the difference between India's imports from Russia and its exports to Russia. During the first seven months of 2026, India imported goods worth US$ 44.90 billion and exported goods worth US$ 2.80 billion.

This means that imports from Russia were substantially higher than Indian exports during the period. The difference is closely connected to the scale of crude oil purchases, which accounted for US$ 36 billion of India's imports from Russia.

A trade imbalance occurs when the value of imports from a trading partner is greater than the value of exports to that partner, or vice versa. Such an imbalance is not necessarily evidence that a trading relationship is unsuccessful. It needs to be assessed in the context of the products traded, domestic demand, prices and the broader economic relationship.

For India, the figures highlight an opportunity to explore ways to expand exports to Russia. Businesses may examine demand for chemicals, electrical goods, medical equipment, seafood, tea, spices and other products that meet Russian market requirements.

Expanding exports could help Indian companies develop international business and participate more actively in bilateral trade. It may also broaden the range of commercial connections between the two countries.

However, export growth requires a practical approach. Companies need reliable information about buyers, product requirements, transport costs, payment arrangements and competition. They must also ensure that their products meet relevant standards and can be delivered at commercially attractive prices.

Trade facilitation measures may help by making procedures clearer and reducing unnecessary administrative burdens. Business forums and institutional engagement can also provide opportunities for companies to establish contacts and understand market conditions.

The figures do not, by themselves, establish what the future balance of trade will be. They do, however, show why export diversification is an important subject in discussions about the next stage of India-Russia economic cooperation.

Joint Business Ventures Could Strengthen Economic Cooperation

Joint business ventures were highlighted by Vyacheslav Volodin as a way to expand commercial cooperation between India and Russia. Such ventures can bring businesses together to pursue a shared commercial objective.

Depending on the arrangement, partners may cooperate in manufacturing, distribution, technology, research, industrial services or other activities. They may also share investment responsibilities and combine different capabilities to serve a market.

A company entering a foreign market may face challenges related to local regulations, customer preferences, distribution networks and business practices. Working with an established partner can help it understand these conditions and develop a suitable business strategy.

For Indian and Russian businesses, joint ventures may provide a way to explore opportunities beyond the products already traded between the two countries. Companies could assess areas where their resources, technical knowledge or market access complement each other.

However, joint ventures also involve risks. Partners need to agree on ownership arrangements, decision-making responsibilities, investment requirements, expected returns and procedures for resolving disagreements. They must also evaluate the commercial viability of the proposed project.

Government dialogue can support a positive environment for these partnerships by encouraging transparent procedures and facilitating communication between relevant institutions. Business organisations may also help companies identify potential partners and understand market opportunities.

The call to expand joint ventures therefore reflects an interest in developing deeper commercial relationships. Instead of relying only on the exchange of goods, companies may be able to explore longer-term cooperation through shared projects and investment.

If supported by commercially sound decisions and suitable market conditions, these arrangements could help broaden the economic relationship between India and Russia.

Parliamentary Cooperation Can Support Bilateral Economic Engagement

The discussions in New Delhi also emphasised the role of parliamentary cooperation in supporting bilateral economic engagement. Parliamentary relations provide an institutional channel through which representatives can discuss shared priorities and exchange views on matters affecting their countries.

Lawmakers may consider issues related to trade, industry, agriculture and other areas of cooperation. Their discussions can help identify subjects that require further attention and encourage continued dialogue between the relevant institutions.

Economic relations are influenced by a range of policies and administrative arrangements. Businesses may need to comply with customs rules, product standards, tax requirements and other regulations when trading internationally. Clear and predictable procedures can help companies plan their activities and manage costs.

Parliamentary dialogue can complement the work of governments and business organisations by providing another platform for discussing the wider relationship. It can also help representatives understand the challenges faced by companies and the areas where cooperation may be strengthened.

In the India-Russia context, the meeting between Om Birla and Vyacheslav Volodin provided an opportunity to connect parliamentary engagement with practical economic concerns. The discussion of trade barriers and joint business ventures highlighted the importance of looking beyond headline trade figures and considering how future growth can be supported.

Parliamentary cooperation alone cannot guarantee higher trade. Actual results depend on commercial decisions, market demand, regulations, logistics and other factors. Nevertheless, regular communication between institutions can help maintain attention on shared objectives.

The meeting ahead of the 12th BRICS Parliamentary Forum demonstrated the value of continued engagement between Indian and Russian representatives. It also reflected the importance of combining diplomatic and institutional dialogue with practical efforts to support businesses.

Narendra Modi and Vladimir Putin's Role in Advancing Relations

During the discussions, Vyacheslav Volodin credited Russian President Vladimir Putin and Indian Prime Minister Narendra Modi with advancing relations between the two countries. He also called on lawmakers to provide legislative support for decisions made by the leaders.

High-level leadership engagement can help set the overall direction of a bilateral relationship. Meetings between national leaders provide opportunities to discuss priorities, establish broad objectives and maintain political communication.

For India and Russia, leadership engagement forms part of a wider relationship involving trade, diplomacy, parliamentary exchanges and other areas of cooperation. The reported growth in bilateral trade reflects the scale of the economic connection, while the latest meeting highlighted the importance of continuing institutional engagement.

Volodin's comments about legislative support point to the role of national institutions in implementing decisions and maintaining the policy environment needed for cooperation. Laws and administrative frameworks can influence how businesses operate, how trade is conducted and how agreements are put into practice.

The exact responsibilities of legislative institutions differ between countries, but parliamentary dialogue can help representatives understand policy priorities and discuss matters of mutual interest.

For economic cooperation to grow, broad political objectives need to be supported by practical arrangements. Businesses require clear requirements, reliable commercial partners and workable procedures to operate across borders.

Leadership engagement can provide direction, while institutions and businesses help translate that direction into activities. This process may involve trade facilitation, industry partnerships, market research and the development of new commercial relationships.

The comments made during the New Delhi meeting highlighted the connection between political leadership, parliamentary cooperation and economic engagement. Together, these elements can contribute to the broader India-Russia relationship.

What the Latest Trade Figures Mean for India

The latest figures provide several important insights into India's economic relationship with Russia. First, total bilateral trade increased by 24.30% year-on-year to US$ 47.70 billion during the first seven months of 2026. This indicates a significant expansion in the reported value of trade between the two countries.

Second, the figures show that India's imports from Russia remain much larger than its exports. Imports reached US$ 44.90 billion, including US$ 36 billion in crude oil, while exports totalled US$ 2.80 billion.

Third, the composition of trade highlights the central role of energy supplies. Crude oil purchases account for a large share of the reported trade value, making the overall relationship sensitive to developments in energy prices and purchasing patterns.

Fourth, the products exported by India demonstrate that the relationship includes opportunities beyond energy. Chemicals, electrical goods, medical equipment, seafood, tea and spices are among the categories involved in trade.

Finally, the discussions between Volodin and Birla highlight the importance of reducing unnecessary trade barriers and encouraging joint business ventures. These measures could support greater commercial participation if they are accompanied by viable business opportunities and effective implementation.

For India, one potential priority is to help domestic businesses identify suitable opportunities in Russia and understand the requirements for exporting. Better access to market information, stronger commercial connections and efficient procedures may help companies compete more effectively.

Businesses must still evaluate demand, costs, regulations and risks before entering a foreign market. Export opportunities do not automatically translate into sales, and commercial success depends on the ability to meet buyers' requirements.

The trade figures should therefore be viewed as a snapshot of the relationship during the first seven months of 2026 rather than a guarantee of future results. Continued growth will depend on economic conditions, energy trade, business activity and the effectiveness of efforts to expand cooperation.

Outlook for India-Russia Bilateral Trade

India-Russia trade recorded strong growth during the first seven months of 2026, reaching US$ 47.70 billion and registering a 24.30% year-on-year increase. The figures underline the scale of the relationship and the importance of continued economic engagement.

The next stage of cooperation may depend on the ability of both countries to maintain existing trade while exploring additional opportunities. Energy supplies remain a major component, but industrial goods, chemicals, electrical products, medical equipment and agricultural products also contribute to bilateral commerce.

Expanding the range of traded goods could provide opportunities for more businesses to participate. Indian exporters may examine market demand in Russia, while companies in both countries could explore joint ventures where there is a clear commercial rationale.

Trade facilitation is another important consideration. Unnecessary barriers and complicated procedures can increase costs and make international business more difficult. Continued dialogue between institutions may help identify issues that require attention and support improvements where appropriate.

The meeting between Volodin and Birla also demonstrated the role of parliamentary engagement in maintaining communication. The 12th BRICS Parliamentary Forum provided the wider setting for the discussions, which covered trade, industry, agriculture and parliamentary ties.

The emphasis on legislative support for decisions taken by Narendra Modi and Vladimir Putin highlighted the connection between leadership priorities and institutional cooperation. For businesses, the practical impact of such engagement will depend on the implementation of relevant decisions and the availability of commercially attractive opportunities.

The reported trade growth is encouraging, but future developments will depend on several factors, including market demand, global energy prices, logistics, business investment and regulatory conditions. The balance between imports and exports will also remain an important part of the discussion.

Conclusion

India-Russia bilateral trade rose 24.30% to Rs. 4.48 lakh crore (US$ 47.70 billion) during the first seven months of 2026, according to data from India's Commerce Ministry cited by Russian lender Sberbank. The increase highlights the continuing importance of economic relations between the two countries.

Russian State Duma Chairman Vyacheslav Volodin discussed the trade relationship with Lok Sabha Speaker Om Birla in New Delhi ahead of the 12th BRICS Parliamentary Forum held on October 26–27, 2026. The discussions covered trade, industry, agriculture and parliamentary cooperation.

India imported Russian goods worth US$ 44.90 billion during the period, including US$ 36 billion in crude oil. Indian exports to Russia totalled US$ 2.80 billion and included chemicals, electrical goods, medical equipment, seafood, tea and spices.

The difference between imports and exports highlights the dominant role of energy in the current trade relationship and the potential importance of expanding India's exports. Encouraging joint business ventures and removing unnecessary trade barriers may help companies explore further opportunities.

Volodin also credited Russian President Vladimir Putin and Indian Prime Minister Narendra Modi with advancing bilateral relations and called for legislative support for decisions taken by the two leaders.