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

External Affairs Minister S. Jaishankar met Russian President Vladimir Putin in Moscow on August 24, 2026, and flagged a trade deficit of more than $50 billion as one of India's foremost priorities.

Jaishankar handed over a personal message from Prime Minister Narendra Modi and briefed Putin on the 27th meeting of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation. He also met Foreign Minister Sergey Lavrov for wide-ranging talks.

At the commission, co-chaired with Russian First Deputy Prime Minister Denis Manturov, Jaishankar noted that the deficit had 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 said India-Russia trade was rising again after a slight decline in 2025 and attributed the deepening ties to Modi's personal attention. He conveyed warm regards to the Prime Minister and said Russia was increasing fertiliser supplies to fully meet the needs of Indian farmers and the agricultural sector.

Jaishankar described overall economic cooperation as having grown significantly across trade, energy, fertilisers, nuclear and other dimensions. The visit precedes Putin's expected presence at the BRICS Summit in India next month and possible contacts at the SCO Summit.

Both sides reviewed regional and global issues. Jaishankar conveyed that Modi looks forward to meeting Putin at the SCO and welcoming him for BRICS, with the annual summit to follow as mutually convenient.