Jaishankar Meets Putin in Moscow, Flags $50 Billion Trade Deficit

External Affairs Minister S. Jaishankar met Russian President Vladimir Putin at the Kremlin in Moscow on Monday, August 24, 2026.

Jaishankar handed over a personal message from Prime Minister Narendra Modi and conveyed the Prime Minister's good wishes. He briefed Putin on the deliberations of the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, which he co-chaired earlier in the day with First Deputy Prime Minister Denis Manturov.

Jaishankar noted that bilateral economic cooperation had grown very significantly, covering trade, energy, fertilisers, nuclear cooperation and other areas. Putin said Russia was increasing fertiliser supplies to meet the needs of Indian farmers and stood ready to continue doing so.

At the intergovernmental commission, Jaishankar flagged the trade deficit as one of India's foremost priorities. Bilateral trade has grown more than four times from around $13 billion in 2021-22 to almost $60 billion in 2025-26, but the imbalance has widened from $6.6 billion to over $50 billion. He called for greater market access for Indian goods, removal of tariff and non-tariff barriers, and stronger engagement by Indian businesses.

Putin observed that trade was rising again after a slight decline in 2025 and credited Prime Minister Modi's personal attention for the deepening of economic ties. He asked Jaishankar to convey his best wishes to Modi and expressed hope of meeting him soon within the framework of the Shanghai Cooperation Organisation summit, with a further meeting possible later in the year.

Jaishankar said Modi looked forward to meeting Putin at the SCO Summit, welcoming him to India for the BRICS Summit in New Delhi on September 12-13, and holding the annual summit at a mutually convenient time.

The visit forms part of efforts to expand cooperation across government, parliamentary and economic channels. Jaishankar also held talks with Russian Foreign Minister Sergey Lavrov on regional and global issues.

The meeting took place against the backdrop of continued energy trade and discussions on nuclear cooperation, even as the trade imbalance remains a structural concern for New Delhi.

Official readouts from both sides underlined the resilience of the partnership and the mutual interest in further expansion of economic ties ahead of the leaders' meetings later this year.