New Delhi, India – December 5, 2025 – Russian President Vladimir Putin and Indian Prime Minister Narendra Modi wrapped up a high-profile two-day summit on Friday with a bold declaration: the two countries are on track to reach $100 billion in annual bilateral trade much earlier than the original 2030 target. The announcement came alongside a raft of new agreements designed to deepen what both leaders repeatedly called their “special and privileged strategic partnership.”
Speaking at a joint press conference after summit-level talks at Hyderabad House, Putin revealed that trade turnover had grown another 12% last year to a record $64–65 billion and is expected to remain at roughly the same level in 2025. “It is entirely realistic to bring this figure to $100 billion,” he said, pointing to a freshly coordinated five-year economic cooperation program that sets clear benchmarks for removing trade barriers, launching joint projects, and expanding investment and technology ties.
Modi, addressing the Russia-India Business Forum later in the day, was even more optimistic. “We are moving toward this goal, and I am confident we will achieve it much earlier than 2030,” he declared. “All kinds of obstacles are being removed.”
The numbers tell a remarkable story. Before the Ukraine conflict, annual trade between the two countries hovered below $10 billion. Western sanctions on Russia and India’s refusal to join them have transformed the relationship: India now imports record volumes of discounted Russian crude, fertilizers, and coal, while Russia has become India’s largest source of oil, pushing bilateral trade close to $70 billion in the current fiscal year.
To balance the heavily skewed trade flow, the leaders signed multiple memoranda of understanding covering migration and mobility, maritime cooperation, health and food safety, fertilizers, academic exchanges, media collaboration, and people-to-people contacts. They also advanced talks on a free trade agreement between India and the Eurasian Economic Union, which could open new markets for Indian pharmaceuticals, textiles, and agricultural products.
A key pillar of the economic resilience is the near-total shift away from the US dollar. Putin noted that the Russian ruble and Indian rupee now account for 96% of mutual payments, shielding transactions from Western sanctions and exchange-rate volatility. “Using national currencies allows us to conduct financial operations smoothly regardless of external market conditions,” he explained.
Energy security dominated behind-the-scenes discussions. Putin pledged uninterrupted oil and gas supplies to India even as Washington imposed 50% tariffs on certain Indian exports, partly in response to New Delhi’s continued purchase of Russian crude. India has consistently defended these purchases as essential for the energy needs of its 1.4 billion people.
Beyond oil, both leaders pushed for diversification. Putin invited Indian companies to co-develop products in artificial intelligence, robotics, digitalization, and high-tech medical equipment, confirming that Russia will send a high-level delegation to India’s Global Artificial Intelligence Summit in February 2026. Modi highlighted opportunities in electric vehicles, vaccine production, cancer therapies, and small modular nuclear reactors.
Defense ties, long a cornerstone of the relationship, were also reinforced. India is pressing for faster delivery of the remaining two S-400 air-defense squadrons under a 2018 deal, while joint production of BrahMos missiles and AK-203 rifles continues smoothly.
For Modi, the summit was a chance to showcase India’s growing global clout and its ability to maintain strategic autonomy. For Putin, visiting India for the first time since the start of the Ukraine war, it was an opportunity to demonstrate that Russia still has reliable partners outside the Western orbit.
As the leaders exchanged warm embraces and shared an informal dinner featuring wide-ranging discussions on global challenges, the message was unmistakable: the Russia-India partnership is not just surviving the new geopolitical reality — it is thriving in it. With trade volumes soaring, payment systems de-dollarized, and new cooperation fronts opening from AI to Arctic shipping routes, the $100 billion milestone now looks less like an aspiration and more like an inevitability.
