PM Modi's Russia visit begins on July 8: Trade, tariff likely on agenda

Issue of 'imbalanced' trade will be priority during talks with Russia

India’s trade deficit with Russia continued to widen for the second consecutive year to $57 billion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi’s largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi’s visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi’s first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.

Trade and economic issues, including a trade balance in favour of Russia, non tariff barriers and payments and logistics-related issues are