India Russia trade has emerged as one of the most trusted and enduring partnerships in the world. So, what does India trade with Russia? India imports a significant volume of goods from Russia, mainly energy, crude oil, fertilizers, and vegetable oils, to meet its growing energy and industrial demands. In the fiscal year 2024–25, total bilateral trade between the two nations reached about US$ 68.7 billion, with India’s imports totaling roughly US$ 63.8 billion and exports standing at around US$ 4.9 billion, resulting in a trade deficit of nearly US$ 59 billion. Despite this imbalance, the steady exchange has expanded the India-Russia trade corridor to record levels, strengthened by decades of strategic trust, defense cooperation, and growing economic interdependence.

A major recent development is the shift toward using national currencies in bilateral trade. Over 90% of India–Russia trade is now conducted in Indian rupees and Russian roubles, reducing reliance on the US dollar, enhancing financial stability, and improving settlement efficiency. This strategic move has further deepened India-Russia relations, making trade smoother, faster, and more resilient, and positioning the partnership for continued growth in the coming years.

In this blog, we explore India–Russia trade statistics, top imports and exports, the role of Russian oil exports to India, and how both nations continue to strengthen their economic partnership.

India Russia Trade Statistics

India’s trade with Russia has expanded sharply in recent years, driven mainly by large-scale purchases of discounted Russian crude oil. These competitively priced energy imports have boosted bilateral trade volumes, making Russia one of India’s top oil suppliers.

Here’s the latest macro snapshot of India’s trade position:

Indicator	Latest	Previous	Highest	Lowest	Unit
Exports	$34.38B	$36.38B	$44.57B	$0.06B	USD Billion
Imports	$76.06B	$68.53B	$76.06B	$0.12B	USD Billion
Balance of Trade	–$41.68B	–$32.15B	$0.71B	–$41.68B	USD Billion
Current Account	–$12,292M	–$2,722M	$19,083M	–$31,857M	USD Million
Current Account to GDP	–0.60%	–0.70%	2.30%	–4.80%	% of GDP

India Imports from Russia 2024 Data

India imports various goods from Russia, but the trade is heavily dominated by mineral fuels, especially crude oil, which alone accounts for $59.53 billion out of India’s $67.15 billion total imports from Russia in 2024. This makes energy the core driver of India–Russia trade.

Top Imports from Russia to India (2024)

Category	Value (2024)
Total Imports	$67.15 Billion
Mineral fuels, oils, distillation products	$59.53 Billion
Animal & vegetable fats and oils	$2.25 Billion
Fertilizers	$1.61 Billion
Pearls, precious stones, metals, coins	$783.15 Million
Other commodities (misc.)	$766.08 Million

Major Imports from Russia to India

• Crude oil & refined petroleum products (largest share)
  
• Sunflower oil & vegetable oils
  
• Fertilizers (Urea, NPK, Potash)
  
• Coal & coke
  
• Precious stones and natural pearls
  
• Metallurgical products and minerals
  

Russian Oil Exports to India

Russian oil is now one of the biggest contributors to India’s energy landscape.

Why India Buys Oil From Russia

• Heavy discounts compared to Middle Eastern suppliers
  
• Ensures energy security
  
• Payments possible in rupee–rouble
  
• Russia became one of India’s top three oil suppliers after 2022
  

What India Exports to Russia

While imports dominate the trade balance, India exports to Russia have grown steadily.

Major Indian Exports to Russia

• Pharmaceuticals & medical products
  
• Organic chemicals
  
• Tea, coffee & spices
  
• Electrical machinery & equipment
  
• Iron & steel products
  
• Textiles and apparel
  
• Auto parts & industrial machinery
  

What Does India Export to Russia?

India mainly exports:

• Medicines
• Tea & coffee
• Industrial machinery
• Electronics
• Chemicals
• Agricultural products
  

Pharmaceuticals remain India’s strongest export sector in the Russian market.

India Russia Relations: Beyond Trade

The partnership is deeper than economics:

Defense Cooperation

• BrahMos missile development
  
• Nuclear submarines
  
• Fighter jets & military technology transfer
  

Energy Partnership

• Long-term crude oil agreements
  
• LNG imports
  
• Nuclear energy (Kudankulam project)
  

Currency Cooperation

• Over 90% of trade in rupee–rouble, reducing dollar dependency
  

Geopolitical Alignment

• Active coordination in BRICS, SCO, G20, and global forums
  

Future of India Russia Trade

The bilateral trade outlook remains strong due to:

• India’s demand for affordable energy
  
• Growth in pharma & agriculture exports
  
• Expansion of rupee–rouble settlement systems
  
• New logistics routes like INSTC (International North-South Transport Corridor)
  

Both nations aim to push bilateral trade to $100 billion annually in the coming years.

Final Thoughts on India–Russia Trade

India–Russia trade is entering a powerful new phase, driven by multiple strategic and economic factors. Discounted energy supplies from Russia have provided India with a reliable and cost-effective source of fuel, while the adoption of rupee–rouble transactions has further strengthened financial ties, reducing dependency on third-party currencies and enhancing bilateral trade efficiency. Decades of strategic trust and cooperation between the two nations have laid a solid foundation, allowing their partnership to extend beyond traditional trade into critical areas such as energy, defense, technology, and connectivity. As both countries continue to deepen collaboration across these sectors, India–Russia trade is poised for sustained growth, opening a bold new chapter in global trade dynamics and reinforcing their position as key partners on the world stage.