Yuri Ushakov, the Russian President’s aide, stated that President Putin’s visit to India will include a mix of high-level meetings, business encounters, and cultural visits. He will be accompanied by Finance Minister Anton Siluanov, Central Bank of Russia’s Governor Elvira Nabiullina, along with a large delegation of business leaders.
Earlier, officials from both countries confirmed that a series of major economic agreements are in their final stages and will be signed during the summit. Kremlin spokesman Dmitry Peskov remarked on the technical cooperation between Russia and India, stating that “highly successful” documents are currently being finalized.
India is looking to significantly increase its exports to Russia, with bilateral trade expected to reach 68.7 billion USD in 2024-2025. Imports, mainly dominated by Russian oil, will exceed 63 billion USD. Despite the US recently imposing an additional 25% tariff on India’s purchases of Russian oil, New Delhi insists that its decisions are based on affordability and energy security.
India hopes the long-awaited Free Trade Agreement between India and the Eurasian Economic Union (EAEU) will open new horizons for exporters currently facing tariff and non-tariff barriers. Detailed assessments for all five EAEU countries—Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia—have identified key growth sectors.
The summit will also discuss developing connectivity corridors, including the North-South International Transport Corridor, the Chennai-Vladivostok maritime corridor, and cooperation on the Northern Sea Route, particularly in the fields of icebreaker construction and training Indian seafarers. This is occurring even as the majority of trade transactions shift to national currencies.
The Reserve Bank of India and the Central Bank of Russia continue technical talks to stabilize the system, and the Russian Central Bank opened its representative office in Mumbai today, Wednesday. Defense remains a crucial focus of the strategic partnership, with Peskov confirming that the S-400 air defense system will be a key topic during Putin’s visit. He also revealed that the fifth-generation Su-57 fighter jet will be discussed, describing it as “the best plane in the world,” reaffirming Russia’s intent.
The summit will address cooperation in small nuclear reactor (SMR) technologies and evaluate progress on the fifth and sixth units of the Kudankulam nuclear power plant. Space and science cooperation, fields in which both countries share a long history, will also be prioritized in the discussions.
