Trade activity between Russia and India reached a record high by the end of October 2023, with total turnover hitting about 54.7 billion dollars. This figure represents a doubling from the same period in the previous year, according to data cited by RIA News referencing Indian Customs statistics. The surge underscores a rapid strengthening of their economic ties and reflects persistent demand for Russian energy and industrial goods in India, alongside growing access to Indian products in the Russian market.
Looking at the January through October window, India’s imports of Russian goods rose to approximately 51.4 billion dollars, effectively doubling the value seen in the equivalent period a year earlier. At the same time, Indian exports to Russia climbed by about 1.4 times, reaching around 3.3 billion dollars. This pattern indicates a robust shift in supply chains and trade flows, with India increasingly serving as a key destination for Russian raw materials and manufactured goods while expanding its own presence in the Russian market.
Observers note that the acceleration in bilateral trade has helped Russia maintain its position as India’s fourth-largest trading partner and its second-largest supplier. The relationship appears to be growing in strategic importance for both economies, driven by a mix of energy imports, refined products, machinery, and agricultural goods that continue to move across their borders despite broader global shifts in energy prices and geopolitical dynamics.
Earlier reports highlighted Russia’s foreign debt position as of 2022, where it owed a notable amount to only one country: India. World Bank data show Russia’s debt to India at about 777 million dollars, followed by smaller sums owed to Korea at 209.8 million dollars and France at 177.8 million dollars. This debt relationship is part of a larger, evolving interaction between the two nations that includes financial transactions, credit arrangements, and lender-recipient dynamics within a wider international context.
At the start of December, news emerged that India increased its intake of relatively inexpensive oil from Russia and Iraq in October. This development signals a constant recalibration of energy supply sources by India as part of its broader strategy to diversify imports, manage costs, and ensure steady energy security for domestic consumption and industrial use. The trend aligns with a broader pattern of energy trading that has become a central feature of India’s external procurement framework and Russia’s role as a major supplier on regional and global markets.
Across these movements, analysts have explained that Russia’s approach to debt collection and its interactions with other nations are shaped by a combination of political aims, financial considerations, and strategic partnerships. The complexities of such financial relationships can influence how creditors and debtors negotiate terms, work through arrears, and coordinate policy responses in a volatile global environment. The evolving dynamic between Russia and India in trade, debt, and energy matters remains a focal point for policymakers and economists observing energy markets, regional stability, and the resilience of bilateral economic ties in North Asia and beyond.