India among Russia’s top foreign trade partners: PM Mishustin

India was among Russia’s top foreign trade partners as Moscow redirected its energy flows to friendly countries, Russian Prime Minister Mikhail Mishustin said on Tuesday (January 20, 2026).

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The share of friendly countries in Russia’s trade turnover has reached a historic high of 86%, with particular growth in trade with China, Belarus, India, and Kazakhstan, Mr. Mishustin said.

In the financial year 2024–25, total India-Russia trade reached an all-time high of about $68.7 billion, up sharply from roughly $13 billion in 2021, marking nearly a five – to six- fold increase over four years.

Both countries have set ambitious targets to lift bilateral trade toward $100 billion by 2030, reflecting deepening economic ties beyond energy, including sectors such as pharmaceuticals, defence, and technology.

“By 2025, the benchmark for deliveries to friendly countries has already been exceeded — a new historical record of 86 per cent can be reached. China, Belarus, India and Kazakhstan demonstrated significant growth,” Mr. Mishustin said in his televised remarks at a strategic session on the development of foreign economic activity.

Russia has redirected a significant portion of energy supplies to friendly countries, but certain segments in this sphere do not boast high flexibility and they require longer-term and costly efforts to redirect flows.    “Nevertheless, despite unprecedented external pressure [Western sanctions], Russia has demonstrated a high level of efficiency in adaptation to sanctions. A sizable portion of energy resource flows was directed to friendly countries,” Mr. Mishustin said.

The share of the so-called “backbone” countries in this sphere has doubled over the last three years, to 80% in the first half of 2025, he noted.

“The weight of different countries in the global economy continues to shift. The contribution of the Global South and East, primarily the BRICS countries, is growing, while the G7’s share is declining,” Mr. Mishustin was quoted as saying by Rossiya-24 channel.

Russia continues to actively develop bilateral trade using the roubles and the national currencies of partner countries: from January to October, their share in trade turnover with all countries reached 85%, according to Mr. Mishustin.

“The transition to settlements in national currencies continues. Over the past 10 months, their share in trade turnover with all countries has reached 85%. Here, too, we’re ahead of our previously set target of 70%. And roubles account for over half of all settlement transactions,” he said.