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

Russian Prime Minister Mikhail Mishustin said on Tuesday, January 20, 2026 that India is among Russia’s most important foreign trade partners as Moscow directs energy flows to friendly countries.

Mr. Mishustin said that the share of friendly countries in Russia’s trade turnover has reached a historical high of 86%, and trade is increasing, especially with China, Belarus, India and Kazakhstan.

In fiscal year 2024-25, total India-Russia trade reached an all-time high of around $68.7 billion, a sharp increase from roughly $13 billion in 2021, marking an almost five- to six-fold increase in four years.

Both countries have set ambitious targets to increase bilateral trade to $100 billion by 2030; This reflects deepening economic ties beyond energy, including in sectors such as pharmaceuticals, defense and technology.

“By 2025, the benchmark for deliveries to friendly countries has already been exceeded; a new historical record of 86 percent can be reached. China, Belarus, India and Kazakhstan have shown significant growth,” Mr Mishustin said in his televised speech at a strategic session on the development of foreign economic activity. he said.

Russia has directed a significant portion of its energy supplies to friendly countries, but some in this area do not have a high level of flexibility and longer-term and costly efforts are required to redirect flows. “However, despite unprecedented external pressures [Western sanctions]Russia has demonstrated a high level of effectiveness in complying with sanctions. A large part of the flow of energy resources was directed to friendly countries,” said Mr. Mishustin.

He noted that the share of the so-called “backbone” countries in this field has doubled in the last three years and reached 80 percent in the first half of 2025.

Speaking to Rossiya-24 channel, Mr. Mishustin said, “The weight of different countries in the global economy continues to change. The contribution of the Global South and East, especially the BRICS countries, is increasing, while the share of the G7 is decreasing.” he said.

Russia continues to actively develop bilateral trade using rubles and national currencies of partner countries: according to Mr. Mishustin, from January to October its share in trade turnover with all countries reached 85%.

“The transition to settlement in national currencies continues. In the last 10 months, their share in trade turnover with all countries has reached 85 percent. Here, too, we are ahead of our previously set target of 70 percent. Rubles also account for more than half of all settlement transactions.”