Now Reading: Jaishankar flags $50 bn trade deficit with Russia, seeks balance
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Jaishankar flags $50 bn trade deficit with Russia, seeks balance
Jaishankar flags $50 bn trade deficit with Russia, seeks balance
External Affairs Minister S Jaishankar called for urgent steps to address India's widening trade deficit with Russia, which has grown from $6.6 billion to over $50 billion in five years. Speaking at the 27th session of the India-Russia Inter-Governmental Commission in Moscow, he said progress on market access, removal of tariff barriers, and stronger payment mechanisms are critical. Bilateral goods trade has quadrupled to nearly $60 billion in FY26, but India's exports were only $4.5 billion against imports of $55.3 billion, dominated by oil.
Russian President Vladimir Putin, during a meeting with Jaishankar, offered to increase fertiliser supplies to India. He said Russia is doing everything to resolve the issue for Indian farmers and is prepared to continue expanding exports. India's fertiliser imports from Russia rose nearly 40 per cent in 2025. Putin noted that bilateral trade increased in the first half of 2026 after a decline in 2025.
Both sides reaffirmed the goal of $100 billion in bilateral trade by 2030. Russia's First Deputy PM Denis Manturov said trade would increase after a free trade agreement with the Eurasian Economic Union takes effect. Jaishankar's visit came amid US threats of sanctions on India for trading Russian crude. India is keen to host Putin for the BRICS summit on September 12-13 in New Delhi.
Indian Opinion Analysis
rediff.com leads with Putin's offer of fertiliser supplies, framing the visit around Russian goodwill and trade growth, while omitting the deficit figure from its headline. The Hindu Business Line leads with Jaishankar's call to fix the $50 billion deficit, foregrounding the imbalance and US sanctions threats. The balanced reading is that both sources report the same facts but choose different emphases: Russia's offer of more fertiliser versus India's demand for market access. The IRIGC-TEC working groups have until the next session to deliver specific outcomes.
Coverage: 2 sources, 2 neutral
Sources (2): rediff.com (neutral report), thehindubusinessline.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
Updated: this story now draws on 2 sources.
