India-Russia Trade on Track to Reach $100 Billion by 2030 Amid Crude Oil Surge: Ambassador

India and Russia are progressing steadily toward achieving a bilateral trade target of $100 billion by 2030, with concrete steps underway to diversify the trade basket and deepen economic cooperation, Indian Ambassador to Russia Vinay Kumar said on Monday.

Speaking to PTI on the occasion of India’s 77th Republic Day, Ambassador Kumar highlighted that the past year has been particularly significant for India–Russia relations, marked by high-level engagements and renewed momentum in trade and investment.

“The last year has been especially busy. President Vladimir putin’s visit was a major success, and the trajectory of our economic partnership clearly shows that achieving the $100 billion bilateral trade target by 2030 is not only realistic but eminently achievable,” Ambassador Kumar said.

He noted that both countries are actively working on identifying new trade items and expanding cooperation beyond traditional sectors. “Steps are being taken, including the identification of new products, and a proposed free trade agreement will further facilitate the achievement of this ambitious target,” the ambassador added.

According to official estimates, India–Russia bilateral trade touched a record high of nearly $68.7 billion in FY 2024–25, driven largely by India’s increased imports of Russian crude oil. The surge reflects India’s growing energy needs and Russia’s role as a reliable supplier amid global market disruptions.

Beyond energy, Ambassador Kumar emphasized that new growth opportunities are emerging across multiple sectors, including fertilisers, Agriculture, pharmaceuticals, engineering goods, and technology, which are expected to strengthen long-term trade sustainability.

Highlighting a structural shift in trade mechanisms, the envoy said that a growing share of bilateral trade is now being conducted in national currencies. “More trade is already taking place in national currencies, and this trend will continue as India and Russia further deepen their economic and financial ties,” he said.

Earlier, while addressing members of the Indian diaspora who gathered in large numbers at the Indian Embassy compound in Moscow to celebrate Republic Day, Ambassador Kumar described the current phase of India–Russia relations as “active, pragmatic, and result-oriented.”

Prime Minister Narendra Modi has also expressed strong confidence that the two nations could reach the $100 billion trade milestone well before 2030. During President Putin’s visit to New Delhi last month, the Prime Minister reaffirmed India’s commitment to expanding strategic and economic engagement with Russia.

Addressing the India–Russia Business Forum alongside President Putin, Prime Minister Modi called on Russian companies to invest in India, stating, “Come and Make in India, manufacture in India, and partner with India.” The call underlined India’s push to attract global manufacturing and strengthen supply-chain partnerships.

With strong political will, expanding trade frameworks, and increasing private-sector participation, experts believe the India–Russia economic partnership is well-positioned to achieve—and potentially exceed—the $100 billion trade target in the coming years.