India and the Russian Federation intend to double their mutual trade volumes, reaching $100 billion over the next five years. This was announced by India’s Foreign Minister Subrahmanyam Jaishankar during an official visit to Moscow. Among the main steps the countries plan to take are the reduction of tariff and non-tariff barriers, as well as the expansion of joint economic projects.
This is reported by Finway
Trade Relations between India, Russia, and the US
India is intensifying cooperation with Russia amid trade disputes with the United States. Washington has already imposed a 25% tariff on Indian goods and warned of the possibility of raising this tariff to 50% starting August 27. Currently, Russia ranks fourth among India’s trading partners, while India is the second most significant partner for Russia.
Energy and Trade Situation between Russia and China
It is worth noting that the Indian refinery Nayara, which is backed by Russian capital and is under EU sanctions, has begun using a so-called “shadow fleet” to import Russian oil and transport finished products. In August, Nayara delivered at least seven batches of Russian oil, including on sanctioned vessels, totaling around 700,000 barrels of Urals grade.
“New Delhi and Moscow plan to double trade volumes between the countries to $100 billion over the next five years, focusing on reducing tariffs and non-tariff restrictions and expanding joint projects,” said India’s Foreign Minister Subrahmanyam Jaishankar during his visit to Russia.
At the same time, for the first time since the beginning of the full-scale war, trade relations between Russia and China are showing a decline. According to official statistics from China, in the first seven months of the year, bilateral trade turnover decreased to $125.8 billion, which is 8% less compared to the same period last year. China has reduced purchases of almost all major raw material goods from Russia: oil imports fell by 11% (to 49.11 million tons), petroleum products by 28% (to 5.51 million tons), and liquefied natural gas by 13% (to 3.22 million tons). China’s exports to Russia also decreased by 9%, with car supplies dropping by 61%. Experts attribute this decline to the impact of sanctions and the saturation of the Russian market with Chinese products.