MOSCOW, Oct 3 – Russian President Vladimir Putin has instructed his government to adopt measures to ease the trade imbalance with India, including increasing imports of agricultural products and medicines from New Delhi. The imbalance stems largely from India’s heavy purchases of discounted Russian crude oil.
Speaking at the Valdai Discussion Club’s annual plenary session on Thursday, Putin said, “We must ensure more balanced trade. India is one of our closest partners, and we should expand imports from India to reduce the current gap.”
Putin confirmed he will travel to India in early December for the annual bilateral summit, where he is expected to hold wide-ranging talks with Prime Minister Narendra Modi.
The Russian leader praised Modi as a “balanced, wise, and nationally oriented” statesman. “Our interactions are always trustworthy. I feel very comfortable working with him,” Putin remarked, signalling the continued strength of the Moscow–New Delhi relationship despite global tensions.
Trade between the two countries has surged since 2022, crossing USD 65 billion in 2024, but with a sharp skew in Russia’s favour. India imports large volumes of Russian crude while its exports to Russia remain relatively limited, dominated by pharmaceuticals, chemicals, and machinery.
Putin’s call to buy more Indian agricultural products, pharmaceuticals, and consumer goods is seen as an attempt to address New Delhi’s concerns about the growing trade deficit, even as both countries deepen cooperation in defence, energy, and technology.