Overview
- Russia remains India’s largest crude supplier with a market share above 30%, according to Ambassador Denis Alipov.
- The Bank of Russia will soon open a representative office in India, its second overseas after China, to strengthen secure rupee–ruble settlements.
- Bilateral trade reached a record $70.6 billion in 2024 as companies broaden joint projects across multiple sectors.
- Financial and transport integration is advancing through SPFS–SFMS connectivity, SRVA rupee accounts, QR-based retail payment trials, central bank digital currency work, and routes such as North–South and Vladivostok–Chennai.
- Officials are preparing a “solid” package for the expected December summit covering defense industry ties, civil nuclear cooperation and advanced technologies, as India opens new consulates in Kazan and Yekaterinburg and upholds strategic autonomy under Western pressure.