Russia has offered to scale up oil and gas supplies to India while sharply increasing fertiliser exports, as both countries moved to accelerate a broader economic partnership with a target of $100 billion in annual trade by 2030.
Russian First Deputy Prime Minister Denis Manturov, who is on a two-day visit to India, held talks with Prime Minister Narendra Modi and senior ministers, focusing on energy, fertilisers, trade and emerging sectors such as space and critical minerals.
According to a Russian readout, Manturov conveyed that Russian companies are in a position to “steadily increase supplies of oil and liquefied natural gas” to India, underlining Moscow’s intent to remain a key energy partner.
The focus on energy comes amid continued uncertainty in global markets, with India looking to secure stable and affordable supplies.
The Russian side said supplies of mineral fertilisers to India rose by 40% by the end of 2025 and signalled readiness to maintain volumes going forward.
As reported previously, a joint urea production project is also under discussion, indicating a shift towards long-term supply arrangements rather than spot purchases.
India and Russia are working on a five-year roadmap to push bilateral trade to $100 billion by 2030, with discussions focusing on removing barriers and improving trade mechanisms.
The Russian readout said “specific steps” were discussed to create favourable conditions for expanding trade and investment ties.
In his meeting with External Affairs Minister S. Jaishankar, Manturov reviewed cooperation in trade, industry, energy and fertilisers, while also exploring new areas including technology, innovation, space and critical minerals.
The two sides also exchanged views on global developments, including the situation in West Asia, said a statement issued by the Ministry of External Affairs.
He also had meetings with Finance Minister Nirmala Sitharaman to discuss investment ties, and National Security Adviser Ajit Doval, where defence cooperation and regional security issues figured in the talks.
During his meeting with Manturov, Modi reviewed progress on decisions taken during the annual summit with Russian President Vladimir Putin held in New Delhi in December last year.
The Prime Minister’s Office said Modi expressed satisfaction at the implementation of those outcomes and conveyed his greetings to Putin, while looking forward to continued engagement.
The Russian side also flagged ongoing cooperation in nuclear energy, including work on reactors at the Kudankulam Nuclear Power Plant, and pointed to potential for deeper collaboration in space and advanced technologies.
