Jaishankar meets Putin in Moscow, flags $50 billion trade deficit

External Affairs Minister S. Jaishankar met Russian President Vladimir Putin at the Kremlin on 24 August 2026 during a two-day visit to Moscow. The meeting followed the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, which Jaishankar co-chaired with First Deputy Prime Minister Denis Manturov.

Jaishankar told the commission that bilateral trade had grown more than four times since 2021-22 and now stands near $60 billion. At the same time the trade deficit has widened from $6.6 billion to more than $50 billion. Addressing that imbalance, he said, is one of India’s foremost priorities. He called for greater market access, removal of tariff and non-tariff barriers, and stronger Indian business engagement in Russia.

Putin said Russia is increasing fertiliser supplies to meet the needs of Indian farmers and stands ready to continue doing so. He noted that trade had declined slightly in 2025 but is rising again, and he conveyed warm regards to Prime Minister Narendra Modi.

Jaishankar handed over a personal message from Modi and outlined plans for future meetings, including at the Shanghai Cooperation Organisation summit and the BRICS summit in New Delhi in September. He also said the two leaders would hold their annual summit at a mutually convenient time.

The visit comes as India seeks to deepen economic ties while managing the large surplus Russia runs in the relationship, driven largely by oil and fertiliser imports. Nuclear cooperation and high-technology areas were also on the agenda. Jaishankar is scheduled to meet Foreign Minister Sergey Lavrov before leaving Moscow.

The talks take place against the background of the ongoing war in Ukraine and Western sanctions on Russia. India has maintained its position of purchasing discounted Russian oil and has resisted pressure to join the sanctions regime. The $50 billion deficit figure provides a concrete measure of how far the commercial relationship has tilted and what New Delhi wants corrected.