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India slipped to third place among buyers of Russian fossil fuels in December after its imports fell sharply to €2.3 billion from €3.3 billion in November, according to CREA. Crude oil imports dropped 29 per cent month-on-month, led by a pullback from Reliance Industries and state-run refiners, amid tighter price caps, fresh US sanctions and higher compliance risks. While Russia still accounts for a significant share of India’s crude basket, the data point to a cautious recalibration as geopolitical pressures reshape global energy trade flows.

India slips to third among Russian fossil fuel buyers amid sanctions; December imports hit lowest level since price cap — Key factors

India and Russia signed a wide-ranging set of MoUs covering labour mobility, healthcare, shipping, fertilisers and taxation, while announcing a 2030 economic cooperation roadmap. PM Modi also unveiled free 30-day tourist visas for Russians, as both sides strengthened energy and trade ties amid growing strategic alignment.

From labour mobility to free tourist visas: India, Russia deepen cooperation through new MoUs and a 2030 economic roadmap

President Vladimir Putin’s upcoming India visit is set to deliver major outcomes across defence, nuclear energy, trade, skilled mobility and counter-terrorism. Both sides will push to rebalance trade, expand nuclear cooperation, deepen defence ties and advance mobility and connectivity agreements. The Russia–India Business Forum, FTA talks with the Eurasian Economic Union, and discussions on de-dollarisation, maritime corridors and regional security will be central themes.

Putin's India visit: Defence deals, nuclear projects and major trade push on agenda — here's what to expect

Commerce Secretary Rajesh Agrawal reviewed progress on the India–Eurasian Economic Union (EAEU) Free Trade Agreement during a series of meetings in Moscow. The discussions focused on diversification, supply-chain resilience and a time-bound plan to expand bilateral trade towards the USD 100 billion target.

India-Russia trade ties: Commerce Secretary reviews India–EAEU FTA negotiations in Moscow

"The recent dialogues between leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in multiple sectors make the target of USD 100 billion by 2030 an achievable one," said Maxim V Kozlov, Russian Consul General in Kolkata, at an interactive session with members of the Bharat Chamber of Commerce (BCC).

India-Russia trade hits $66 billion in 2024; target of $100 billion by 2030 on track: Russian envoy 

The United States has called on India to use its diplomatic relationship with Russia to persuade President Vladimir Putin to cease the ongoing conflict in Ukraine. This move underscores the importance of international efforts to bring about a resolution to the war.

US Requests India to Leverage Russia Ties to Urge Putin to End Ukraine War

India and Russia are planning to accept RuPay and Mir cards in each other's country. Both the countries also agreed to explore the possibility of interaction of Unified Payments Interface and the Faster Payments System of the Bank of Russia.

India and Russia ready to accept Rupay and Mir payment systems

india-russia-trade

India slipped to third place among buyers of Russian fossil fuels in December after its imports fell sharply to €2.3 billion from €3.3 billion in November, according to CREA. Crude oil imports dropped 29 per cent month-on-month, led by a pullback from Reliance Industries and state-run refiners, amid tighter price caps, fresh US sanctions and higher compliance risks. While Russia still accounts for a significant share of India’s crude basket, the data point to a cautious recalibration as geopolitical pressures reshape global energy trade flows.

India and Russia signed a wide-ranging set of MoUs covering labour mobility, healthcare, shipping, fertilisers and taxation, while announcing a 2030 economic cooperation roadmap. PM Modi also unveiled free 30-day tourist visas for Russians, as both sides strengthened energy and trade ties amid growing strategic alignment.

President Vladimir Putin’s upcoming India visit is set to deliver major outcomes across defence, nuclear energy, trade, skilled mobility and counter-terrorism. Both sides will push to rebalance trade, expand nuclear cooperation, deepen defence ties and advance mobility and connectivity agreements. The Russia–India Business Forum, FTA talks with the Eurasian Economic Union, and discussions on de-dollarisation, maritime corridors and regional security will be central themes.

Commerce Secretary Rajesh Agrawal reviewed progress on the India–Eurasian Economic Union (EAEU) Free Trade Agreement during a series of meetings in Moscow. The discussions focused on diversification, supply-chain resilience and a time-bound plan to expand bilateral trade towards the USD 100 billion target.

"The recent dialogues between leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in multiple sectors make the target of USD 100 billion by 2030 an achievable one," said Maxim V Kozlov, Russian Consul General in Kolkata, at an interactive session with members of the Bharat Chamber of Commerce (BCC).

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India Russia Trade

India slips to third among Russian fossil fuel buyers amid sanctions; December imports hit lowest level since price cap — Key factors

From labour mobility to free tourist visas: India, Russia deepen cooperation through new MoUs and a 2030 economic roadmap

Putin's India visit: Defence deals, nuclear projects and major trade push on agenda — here's what to expect

India-Russia trade ties: Commerce Secretary reviews India–EAEU FTA negotiations in Moscow

India-Russia trade hits $66 billion in 2024; target of $100 billion by 2030 on track: Russian envoy

US Requests India to Leverage Russia Ties to Urge Putin to End Ukraine War

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