Moscow: External Affairs Minister Dr. S. Jaishankar is on an official visit to Russia, where he met Russian Deputy Prime Minister Denis Manturov and stressed the need to further strengthen bilateral relations. On Thursday, Jaishankar held crucial talks with his Russian counterpart Sergey Lavrov in Moscow. The two leaders reviewed bilateral ties and exchanged views on regional as well as global developments.
The meeting comes at a time when India-Russia relations are deepening across key sectors such as defence, trade, and energy. Jaishankar noted that the talks provided an opportunity to prepare for the upcoming annual summit later this year. “Our leaders have always guided us to take forward the special strategic partnership. We discussed multiple aspects of cooperation and identified solutions. The changing global geopolitical and economic landscape compels us to maximize our complementarities,” he said.
Lavrov, in his remarks, underlined the importance of multipolarity in international relations, highlighting the growing role of groupings such as SCO, BRICS, and G20.
Focus on Trade Imbalance
Ahead of his meeting with Lavrov, Jaishankar flagged the need to urgently address the growing trade imbalance between the two countries. Speaking at the 26th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation (IRIGC-TEC), he pointed out that bilateral trade has surged five-fold in four years, from $13 billion in 2021 to $68 billion in 2024-25. However, India’s trade deficit with Russia has also widened sharply from $6.6 billion to $58.9 billion in the same period.
“This imbalance requires immediate attention,” Jaishankar emphasized.
Energy Supplies to Continue
Russian Deputy Prime Minister Denis Manturov assured that energy supplies to India, particularly crude oil, will continue uninterrupted. He also signaled prospects of exporting liquefied natural gas (LNG) to India in the future. Co-chairing the IRIGC session, Manturov highlighted that over 90% of bilateral trade transactions are now settled in national currencies, strengthening resilience against global financial disruptions.
Expanding Cooperation
Manturov further noted that India and Russia will expand collaboration in the banking and insurance sectors and deepen cooperation in nuclear energy for peaceful purposes. Both sides reiterated their commitment to broadening strategic ties, with discussions also covering regional security, Asia-Pacific stability, and coordination at multilateral platforms.
With Jaishankar’s meetings setting the stage, the upcoming annual India-Russia summit is expected to yield significant outcomes for the future direction of the partnership.
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