Overview

• Co-chairing the 26th IRIGC-TEC and meeting Sergey Lavrov, S. Jaishankar called the India–Russia goods trade imbalance “urgent,” citing a jump from $6.6 billion in 2021 to about $58.9 billion in 2024–25 within a fivefold rise in total trade to roughly $68 billion.
• Russia highlighted plans to keep Indian energy flows steady and prioritized transport, logistics, banking and financial links designed to withstand outside pressure, with greater use of national currencies in settlements.
• Jaishankar pressed for swift removal of non-tariff barriers, smoother payments and new connectivity routes, and pointed to progress toward an India–Eurasian Economic Union FTA after terms of reference were finalized, with a reported $100 billion trade goal over five years.
• Tensions with Washington have sharpened after the U.S. doubled tariffs on Indian goods to 50 percent and tied penalties to Russian oil purchases, even as India defended its energy choices as guided by national interest.
• New Delhi’s outreach runs in parallel with a thaw with Beijing, as Wang Yi’s visit yielded steps such as resuming direct flights and advancing border management ahead of a planned Modi–Xi meeting at the SCO summit in Tianjin.