India and Russia recorded bilateral trade worth $47.7 billion during the first seven months of 2026, marking a 24.3% increase compared with the same period last year. Data from India’s Commerce Ministry, cited by Russian lender Sberbank, highlighted the growing commercial relationship between the two countries. Russian State Duma Chairman Vyacheslav Volodin called for reducing trade barriers and creating more opportunities for joint business ventures.
The discussions took place in New Delhi during a meeting between Volodin and Lok Sabha Speaker Om Birla ahead of the 12th BRICS Parliamentary Forum, held on October 26–27, 2026. Both sides discussed expanding cooperation in trade, industry and agriculture while strengthening ties between their respective parliaments.
India imported Russian goods worth $44.9 billion during the seven-month period, including crude oil valued at $36 billion. Meanwhile, Indian exports to Russia reached approximately $2.8 billion. Russian buyers purchased a range of Indian products, including chemicals, electrical goods, medical equipment, seafood, tea and spices.
Volodin noted that bilateral trade had increased by more than 20% during 2026. He credited Russian President Vladimir Putin and Indian Prime Minister Narendra Modi with advancing relations between the countries. He also urged lawmakers to support through legislation the agreements and decisions reached by their national leaders.
The discussions underscored the importance of parliamentary engagement in supporting economic partnerships. Removing commercial obstacles and encouraging joint ventures could help diversify trade beyond existing major commodities and create opportunities across additional industries. With both countries seeking closer economic engagement, continued dialogue and practical cooperation remain central to developing their bilateral relationship.
