India–Russia trade in numbers.
The bilateral relationship is large, growing and extremely lopsided. This page sets out the figures we work from, with sources, because most conversations about this corridor start from the wrong assumptions.
Headline figures
FY26 covers April to November 2025. FY24 is the last complete year shown.
| Measure | FY24 · FY26 to November 2025 |
|---|---|
| Total bilateral trade | US$ 68.72bn · US$ 43.81bn |
| Indian exports to Russia | US$ 4.88bn · US$ 3.00bn |
| Indian imports from Russia | US$ 63.84bn · US$ 40.81bn |
| Commodities exported by India | — · 4,067 |
| Commodities imported from Russia | — · 960 |
What India sells to Russia
Top commodities, FY26 to November 2025. Note the scale — the largest single Indian export category is under half a billion dollars.
| Commodity | Value (US$ million) |
|---|---|
| Machinery and mechanical appliances | 479.52 |
| Pharmaceutical products | 319.94 |
| Organic chemicals | 215.23 |
| Electrical machinery and equipment | 211.14 |
| Fish and crustaceans | 123.64 |
What Russia sells to India
Top commodities, FY26 to November 2025. Crude oil is the relationship; everything else is a rounding error beside it.
| Commodity | Value (US$ million) |
|---|---|
| Crude oil | 35,760 |
| Fertilisers | 2,110 |
| Animal or vegetable fats and oils | 966.30 |
| Project goods | 564.53 |
| Iron and steel | 343.31 |
The gap, and why it matters
Strip crude oil out of the import figure and the picture changes completely. Of US$ 40.81 billion in Indian imports, US$ 35.76 billion is crude — leaving roughly US$ 5 billion of non-oil Russian goods entering India. Against US$ 3.00 billion of Indian exports going the other way, the non-oil relationship is far more balanced than the headline suggests, and far smaller.
That is the whole opportunity. Both governments have committed to a US$ 100 billion bilateral target by 2030, up from US$ 68.72 billion in FY24. Crude oil volumes cannot realistically deliver that alone, which means the growth has to come from the categories where the numbers are currently small: machinery, pharmaceuticals, chemicals, processed food, textiles and consumer goods. Those are exactly the trades that need certification, verified counterparties and someone present at both ends.