Russian President Vladimir Putin’s recent visit to India for India-Russia Summit 2025 since the Ukraine war would alter global trade alignments and supply chains. The evolving India-Russia partnership would shape bilateral trade relationships between the two countries by India’s increasing strategic autonomy, discounted oil, defence dependencies, and shifting global alliances. Export Genius outlines key takeaways from this crucial Putin’s visit with large focus on trade of commodities between India and Russia.
Key Agreements Signed at the India–Russia Summit 2025
- India-Russia Economic Cooperation Programme 2030
- Two MoUs on Manpower Mobility
- Agreement on Joint Urea Production
- MoU on Training Indian Seafarers for Polar Waters
- Shipbuilding Cooperation Framework
India–Russia Trade at a Turning Point
India and Russia share a long-standing economic partnership, but trade between the two countries has expanded dramatically in the past few years – driven especially by diversification into two sectors, defence supplies, and energy cooperation.
India has trade deficit with Russia as India’s imports from Russia are more than exports. Since Russia’s invasion to Ukraine, many countries put sanctions on Russia, so Russia started exporting crude oil to India at discounted rates. Here is a quick look at India’s trade with Russia.
India’s Trade Balance with Russia
| Year | Trade Balance | India’s Exports to Russia | India’s Imports from Russia |
| 2020 | -3 | 2 | 5 |
| 2021 | -5 | 3 | 8 |
| 2022 | -37 | 2 | 40 |
| 2023 | -56 | 4 | 60 |
| 2024 | -59 | 4 | 64 |
| 2025 (Till Q2) | -28 | 2 | 30 |
*****Value USD Billion
India’s Top Imports from Russia: Oil, Fertilizers & Energy
India’s top imports from Russia are crude oil, crude sunflower oil, coal, and petroleum products. The bulk of India’s imports include:
Crude Oil
- Russia became India’s top crude oil supplier, overtaking Iraq and Saudi Arabia.
- Oil accounts for over 70–80% of India’s imports from Russia.
Fertilizers
- Russia is a key source of urea, NPK, potash, and other fertilizers.
Coal & Energy
- Thermal coal, coking coal, and LNG.
Metals & Raw Materials
- Steel, copper, aluminium, and diamonds.
India’s Top Imports from Russia
| Product | 2024 | 2025 (Till Q2) |
| Crude Oil | 51 | 22 |
| Crude Sunflower Oil | 3 | 0.7 |
| Coal | 2 | 0.6 |
| Medium Oil and Preparations | 1 | 1 |
| Light Oil and Preparations | 1 | 1 |
*****Value USD Billion
How Russian Oil Became Central to India’s Energy Security
Before 2022, Russia supplied less than 2% of India’s crude oil. After the Ukraine war and Western sanctions, Russia started offering deeply discounted crude, turning India into its largest buyer.
Today, Russia consistently ranks as India’s No. 1 crude oil supplier, ahead of Iraq and Saudi Arabia. Russia now supplies 28–35% of India’s total oil imports (depending on month), making it the largest contributor to India’s crude basket.
Growth of India’s Oil Imports from Russia (2022–2025)
| Year | Value USD Billion |
| 2022 | 24 |
| 2023 | 44 |
| 2024 | 51 |
| 2025 (Till Q2) | 22 |
Since the Ukraine war, Russia has become India’s top crude supplier—often at prices unavailable in global markets.
Putin’s agenda heavily emphasized:
- Energy Priorities
- Continued supply of discounted crude oil
- Strengthening of logistics and payment mechanisms to bypass sanctions
- Expansion of Arctic LNG and oil exploration partnerships
- Potential long-term contracts to stabilize volumes and pricing
For Russia, India is a critical buyer at a time when Western markets are closed.
For India, Russian oil helps manage inflation, lower import costs, and ensure energy security.
The meeting reaffirmed that oil is now a pillar of bilateral ties—arguably stronger than at any point in the past.
The Strategic Road Ahead for India–Russia Relations
Putin’s visit reaffirmed that India and Russia will continue to work together, but with new terms and expectations.
What to Watch
- New long-term oil deals
- Expansion of military manufacturing in India
- Cooperation in nuclear energy and space
- Payment systems outside SWIFT
- Russia’s position on India’s global aspirations (UNSC reform, multipolar world)
This visit signals not just continuity but calibrated change.
Energy Emerges as the Core Pillar of India–Russia Trade
Since 2022, Russian crude has transformed India’s energy ecosystem. Putin’s visit further deepens this cooperation.
What’s expanding now
- Long-term crude supply contracts
- Greater focus on LNG collaboration
- Investments in shipping routes, tankers, and refining
- Discussion on new payment mechanisms and rupee-based trade
Energy has become the centre of gravity in bilateral trade — and it’s poised to grow further.
Trade Diversification: Moving Beyond Defense & Oil
Both nations are pushing for a broader economic partnership.
Areas seeing growing interest:
- Pharmaceuticals
- Electronics and machinery
- Fertilizers
- Agriculture & food products
- Chemicals
- Industrial equipment
India wants stronger access to Russia’s Far East, while Russia seeks resilient markets in Asia — making diversification a strategic need.
Conclusion: A Partnership Evolving Toward a Multipolar Future
Putin’s India visit symbolizes a partnership that understands the need to evolve. India and Russia are no longer relying on Cold War legacies — they’re building a modern, adaptive, and economically broader relationship.
The next chapter of this partnership will be defined by energy security, co-development, and diversified trade, positioning both countries strongly in an increasingly multipolar world. Get latest data of India-Russia trade at Export Genius and take informed decisions.
