India among Russia’s top foreign trade partners: Russian PM Mikhail Mishustin

Moscow: India emerged among Russia’s top foreign trade partners as Moscow redirected energy supplies and trade flows toward friendly countries, Russian Prime Minister Mikhail Mishustin said on Tuesday.

He said the share of friendly nations in Russia’s overall trade turnover has climbed to a historic high of 86 per cent, driven by strong growth in commerce with China, Belarus, India and Kazakhstan. Mishustin made the remarks during a televised strategic session on foreign economic activity.

In the 2024–25 financial year, India-Russia bilateral trade touched an all-time high of about $68.7 billion, a sharp rise from nearly $13 billion in 2021, reflecting a five- to six-fold increase over four years. Both sides are targeting bilateral trade of around $100 billion by 2030, expanding cooperation beyond energy into sectors such as pharmaceuticals, defence and technology.

Mishustin said Russia has successfully redirected a significant portion of its energy exports to friendly countries despite limited flexibility in certain segments and the need for long-term investment to reorient flows.

According to Mishustin, the share of so-called “backbone” countries in Russia’s energy trade has doubled over the past three years to 80 per cent in the first half of 2025.

He also noted that settlements in national currencies are expanding, with their share in trade turnover reaching 85 per cent between January and October, exceeding the earlier target of 70 per cent, with roubles accounting for more than half of transactions.