21st August, Mumbai/Moscow ( TGN ) – Indian External Affairs Minister Dr. S. Jaishankar arrived in Russia on 19th August to begin his official visit. On the first day, he engaged with leading Russian scholars and think tank representatives, exchanging views on India-Russia relations, global geopolitics, and India’s perspectives on contemporary challenges.
On 20th August, Dr. Jaishankar co-chaired the 26th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC). In his remarks, he highlighted the rapid growth of bilateral trade from USD 13 billion in 2021 to USD 68 billion in 2024–25, while stressing the urgent need to correct the widening trade imbalance, which has grown nine-fold. He proposed measures to strengthen the commission’s work, including setting quantifiable targets, holding mid-term reviews, fostering greater coordination with business forums, and adopting innovative approaches to broaden the agenda.
Later in the day, the Indian Minister joined First Deputy Prime Minister Denis Manturov at the India-Russia Business Forum. Addressing business leaders, Dr. Jaishankar emphasized that India and Russia have much to contribute to each other’s growth, not just through trade but also via investments, joint ventures, and deeper collaboration. He underlined that a durable strategic partnership must rest on a strong and sustainable economic foundation.
This visit also comes against the backdrop of new U.S. tariffs and taxes, which are reshaping global trade flows. For India, engaging with Russia is both a reaffirmation of a time-tested partnership and a strategic step to diversify trade ties, reduce vulnerabilities, and secure alternative growth avenues. This is further highlighted by the comment made by the Chargé d’Affaires of the Russian Embassy in India, Roman Babushkin who in a media briefing went on to say that Indian products would be more than welcome in the Russian market if they face difficulties entering the US market.
By pushing for greater balance, innovation, and investment, India is signaling that its partnership with Russia will remain a central focal point to its pursuit of a resilient and multipolar economic order.
