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Need To Address Trade Imbalance Between India And Russia: S Jaishankar In Moscow

External Affairs Minister S Jaishankar highlighted the trade deficit of $58.9 billion between Russia and India, despite more than a fivefold rise in bilateral goods trade over the last four years.
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In his Moscow visit, External Affairs Minister S Jaishankar emphasized the significant trade imbalance between India and Russia, which stands at $58.9 billion despite bilateral trade growing more than fivefold in the last four years.
During the India-Russia Inter-Governmental Commission meeting co-chaired with Russia's First Deputy PM Denis Manturov, Mr. Jaishankar noted that while trade had increased from $3 billion in 2021 to $68 billion in 2024-25, the deficit had grown dramatically from $6.6 billion to $58.9 billion—a ninefold increase primarily due to India's oil purchases from Russia.
"We need to address that urgently," stated Jaishankar at the 26th Session of the IRIGC-TEC for Trade, Economic, Scientific, Technological and Cultural Cooperation.
The Foreign Minister proposed several solutions to tackle this trade imbalance, including eliminating tariff and non-tariff barriers, resolving logistical challenges, and enhancing regional connectivity through routes like the International North-South Transport Corridor, Northern Sea Route, and Chennai-Vladivostok maritime corridor.
These measures would help balance trade while supporting the revised target of achieving $100 billion in bilateral trade by 2030. Jaishankar also advocated for the swift conclusion of the India-Eurasian Economic Union Free Trade Agreement, whose terms of reference were finalized Wednesday.
He highlighted how both nations have maintained close contact despite global challenges, with their leaders meeting in person twice last year and remaining "personally committed to further advancing our strategic partnership."
Jaishankar's three-day Russia visit comes amid U.S. President Donald Trump's recent tariff actions against India—a 25% reciprocal tariff plus an additional 25% levy on Russian oil purchases, totaling 50% duties. Trump has been pressuring India to cease Russian oil imports, claiming they finance the Ukraine conflict.