Russia and India have reaffirmed their ambition to scale bilateral trade to 100 billion US dollars by 2030, following wide-ranging talks between External Affairs Minister S Jaishankar and Russian Foreign Minister Sergey Lavrov in New Delhi.

The meeting, held on the eve of the BRICS foreign ministers’ conclave, underscored the determination of both nations to deepen strategic and economic ties despite mounting geopolitical uncertainty and continued Western pressure on Moscow over the Ukraine conflict.

Lavrov, in his remarks, emphasised Russia’s intent to expand economic engagement with India across energy, investment and connectivity sectors, noting that “the goal which the leaders set to scale up bilateral trade for 2030 is 100 billion US dollars.

"The discussions between the two ministers focused heavily on energy trade, supply-chain resilience, transport connectivity and investment cooperation, while also reviewing flashpoints in West Asia and divisions emerging within the expanded BRICS grouping over regional conflicts.

EAM Jaishankar, in his opening statement, highlighted that the India-Russia partnership had acquired greater significance amid a rapidly shifting global order. He observed that the last few years had seen steady and sustained growth in bilateral ties, with economic and energy dimensions becoming increasingly pronounced.

He further stressed that both countries shared an interest in strengthening a multipolar world order and expanding cooperation in science, technology and talent mobility. Later, in a social media post, Jaishankar noted that their conversation touched upon several aspects of the Special and Privileged Strategic Partnership, including trade and investment, energy and connectivity, science and technology, as well as facilitating mobility of skills and talent.

Lavrov’s visit comes at a sensitive juncture for India’s energy security, with the expiry of a US waiver linked to sanctioned Russian oil due on 16 May. Ahead of his trip, Lavrov had signalled Moscow’s determination to maintain energy exports to New Delhi regardless of external pressure, stating that agreements on Russian energy supplies would be honoured despite what he described as “unfair external competition.”

He underlined that India-Russia relations were built on longstanding strategic trust. Since the outbreak of the Ukraine war in 2022, India has sharply increased purchases of discounted Russian crude, making Russia one of its largest oil suppliers. These imports have helped India contain inflationary pressures and shield domestic fuel markets from repeated global disruptions.

The two sides also exchanged views on the deteriorating security situation in West Asia, particularly concerns over the impact of regional instability on global trade corridors, shipping routes and energy markets.

Jaishankar remarked that the “complicated international situation” required “an open exchange of views, especially between two trusted partners.” This dialogue reflects the shared concern of both nations over the implications of regional turbulence for global economic stability.

The Lavrov-Jaishankar meeting took place ahead of the two-day BRICS foreign ministers’ gathering in New Delhi. Ministers from several BRICS nations, including Abbas Araghchi of Iran, Mauro Vieira of Brazil and Ozzy Lamola of South Africa, have already arrived in the Indian capital for the conclave. 

India currently holds the BRICS chairmanship and is preparing to host the bloc’s annual summit later this year. Originally comprising Brazil, Russia, India, China and South Africa, BRICS expanded in 2024 to include Egypt, Ethiopia, Iran and the United Arab Emirates, with Indonesia joining in 2025.

The grouping now represents nearly half of the world’s population and around 40 per cent of global GDP, strengthening its position as a major platform for emerging economies seeking greater influence in global governance.

The reaffirmation of the 100 billion US dollar trade target by 2030 signals both nations’ intent to consolidate their economic partnership while navigating complex geopolitical challenges.

It also highlights the resilience of the India-Russia relationship, which continues to adapt and expand across multiple domains, from energy and investment to science and technology, even as global dynamics evolve.

ANI