Jaishankar’s Russia Visit: Trade, Crude Oil And Global Issues On The Table

External Affairs Minister S Jaishankar will undertake a two-day visit to Russia on August 23-24, with trade, investment, economic cooperation and key regional and global issues expected to dominate his talks in Moscow.

Jaishankar, visiting at the invitation of Russian First Deputy Prime Minister Denis Manturov, will co-chair the 27th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). He will also meet Russian Foreign Minister Sergey Lavrov to exchange views on regional and global developments.

The visit comes as New Delhi and Moscow seek to deepen economic ties while addressing the imbalance in bilateral trade. India has set an ambitious target of taking two-way trade to $100 billion by 2030, with greater emphasis on expanding Indian exports, investment, technology and connectivity rather than allowing the relationship to remain heavily dependent on Russian oil.

Energy, however, remains central. India imported a record 2.8 million barrels per day of Russian crude in July, accounting for nearly 55 per cent of its total crude imports, according to Kpler data. Supplies are expected to decline in August to around 1.8-2 million barrels per day, partly because of disruptions at Russian oil infrastructure and maintenance at Indian refineries.

At the same time, the energy relationship has taken an unusual turn. Russia, traditionally a major fuel exporter, has begun importing gasoline from India after Ukrainian attacks disrupted its refinery operations. A shipment of about 68,000 tonnes of Indian gasoline reached Russia earlier this month, with further supplies expected.

Against this backdrop, Jaishankar's talks are likely to focus on strengthening the broader economic partnership, improving trade flows and investment, while also addressing the geopolitical issues shaping India's relationship with Moscow and the wider international order.

The visit also follows recent discussions between the two countries on expanding military and military-technical cooperation, underlining the continuing breadth of the India-Russia strategic partnership.