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Prime Minister Narendra Modi and Russian President Vladimir Putin have directed their governments to further expand bilateral cooperation, as India and Russia aim to increase bilateral trade to USD 100 billion by 2030, Ambassador Vinay Kumar has said. In an interview with Russian news agency TASS published on Saturday, Indian envoy Kumar said the two leaders discussed the full range of bilateral relations on the sidelines of the BRICS summit in New Delhi on September 12-13. "One of the concrete results of the cooperation was the joint participation of the leaders of our countries in the BRICS business summit, as well as a visit to the Innoprom-India exhibition - the first Russian industrial exhibition held in New Delhi," the Indian envoy told TASS. He said the leaders had directed relevant ministries and agencies to further develop cooperation, including in trade and commerce. Kumar said India and Russia continued to work towards increasing bilateral trade to USD 100 billion and ..
India is expected to keep importing Russian crude at close to current levels after US President Donald Trump waived sanctions and tariffs mandated by a new law on major buyers of Russian oil, analysts said. Trump issued an executive order late on Friday waiving the "sanctions, restrictions, and duties" under the Lindsey O. Graham Sanctioning Russia and Iran Act, a day before a 30-day deadline for enforcement expired. He signed the law on September 18. The law authorised tariffs of up to 100 per cent on goods from the five largest importers of Russian crude and gas, and sanctions on Russia's shadow fleet of tankers. The waiver is not specific to India and could also benefit China. The order lets the administration reconsider it later. India is the largest importer of Russian seaborne crude, averaging 1.8 million barrels per day this year, ahead of China at 1.2 million, ship tracking data showed. Italy, Turkey and the Netherlands completed the top five. India took about 1.82 million
External Affairs Minister S Jaishankar on Saturday briefed a parliamentary consultative committee on India's "multifaceted" engagement with Russia, highlighting shared ambitions to expand bilateral trade, investment, and energy cooperation. Chairing the meeting on India-Russia relations, Jaishankar also apprised members of New Delhi's stance on the Ukraine conflict and its recent diplomatic efforts to contribute toward a peaceful settlement. The external affairs minister further informed the panel that Russia has agreed to take around 70,000 Indian skilled workers this year, especially in the fields of construction and logistics, people familiar with the meeting said. While discussing the trade and investment ties between the two countries, Jaishankar mentioned that there is a shared ambition to expand bilateral trade in a balanced manner, including through greater Indian exports to Russia in seven areas -- auto, pharma, food, marine products, engineering goods, chemicals and ...
India remains firmly committed to ensuring energy security for its 1.4 billion people, and it will continue to do so through diversified sourcing, the Ministry of External Affairs (MEA) said on Thursday while reacting to the US' Russia sanctions legislation. The US House of Representatives has passed the Lindsey O Graham Sanctioning Russia and Iran Act that authorises President Donald Trump to impose sanctions on Russia and steep tariffs on its trading partners such as India and China in the oil and gas sector. "As stated on several earlier occasions, India remains firmly committed to ensuring energy security for its 1.4 billion people," the MEA said in a statement. "It will continue to do so through diversified sourcing and on the basis of evolving market dynamics," it said. The MEA said the issue has been "discussed at high levels in recent months with various US interlocutors". "Its potential implications for not just the bilateral relationship but also the international energy
Racing against time, US lawmakers submitted amendments to the Russia sanctions bill, with one seeking to name its top trading partners -- including India -- in the legislation, and another proposing to scrap the section imposing tariffs altogether. The Lindsey O Graham Sanctioning Russia and Iran Act, passed by the US Senate by an overwhelming 86-11 vote last month, seeks to impose sanctions not only on Russia's leadership and energy sector, but also on the "shadow fleet" of vessels that enable Moscow to evade sanctions on oil deliveries. The US believes that Russia's crude oil trade is funding the war against Ukraine. The Bill also seeks to authorise President Donald Trump to impose 100 per cent tariffs on Russia's top oil trading partners, including China and India. The bill passed by the US Senate on August 7 does not name Russia's trading partners, but mentions the five largest importers of oil and gas by volume. The bill must be passed by the House of Representatives before it
Russia imported a record 172,000 tonnes of oil products in August, including gasoline refined from Russian crude at a refinery in India that is partly owned by Russia's Rosneft, as Ukrainian drone strikes disrupted Moscow's domestic refining capacity, according to a report by the Centre for Research on Energy and Clean Air (CREA). India supplied 70 per cent of Russia's oil product imports in August, including 120,000 tonnes of gasoline worth 78 million euros, CREA said in its monthly analysis of Russian fossil fuel exports and sanctions. The volume of Russian fuel imports was more than seven times the previous monthly record and three times the total imported during all of 2025. All of the gasoline from India was loaded at the Vadinar refinery and sold by EU-sanctioned Nayara Energy to Rosneft, CREA said. Rosneft owns 49.13 per cent of Nayara Energy, while Vadinar sourced all of its crude from Russia during the first eight months of 2026, compared with 81 per cent for all of 2025, ..