India–Russia trade hits US$ 43.81 billion in FY26 to November
Bilateral trade between India and Russia reached US$ 43.81 billion in FY26 to November 2025. The composition of that figure matters more than its size.
Of the US$ 43.81 billion total, US$ 40.81 billion was India buying from Russia and US$ 3.00 billion was India selling. That is an import-to-export ratio of roughly thirteen to one, and it has been widening rather than narrowing.
Crude oil is most of the relationship
Crude oil alone accounted for US$ 35.76 billion of Russian exports to India. Fertilisers followed at US$ 2.11 billion, animal and vegetable fats and oils at US$ 966.30 million, project goods at US$ 564.53 million, and iron and steel at US$ 343.31 million.
Strip out crude and the Russian export figure into India falls to roughly US$ 5 billion. Against India's US$ 3.00 billion going the other way, the non-oil relationship is much more balanced than the headline implies — and much smaller than either government would like.
The Indian side is narrow but broad
India exported 4,067 distinct commodities to Russia in the period, against 960 imported. The Indian trade is spread thin across many categories: machinery and mechanical appliances led at US$ 479.52 million, followed by pharmaceutical products at US$ 319.94 million, organic chemicals at US$ 215.23 million, electrical machinery at US$ 211.14 million, and fish and crustaceans at US$ 123.64 million.
No single Indian export category reaches half a billion dollars. That is not a weakness in itself — it reflects a diverse export base — but it does mean growth has to come from many mid-sized trades rather than one large one.
What it means in practice
For an Indian exporter, the useful read is that the categories are not saturated. A trade that would be marginal in a mature corridor can be meaningful here. For a Russian buyer, the read is that Indian supply exists across a very wide range of goods, but with far less established infrastructure connecting it than in the oil trade.