External Affairs Minister S Jaishankar met Russian President Vladimir Putin in Moscow on Monday, holding discussions that underlined the expanding economic relationship between India and Russia.

The meeting took place during Jaishankar's two-day trip to Russia and comes ahead of a busy diplomatic calendar that could see Prime Minister Narendra Modi and Putin meet at the upcoming SCO summit before the Russian President travels to India for the BRICS leaders' meeting.

Economic cooperation was at the centre of the Jaishankar-Putin discussions, with trade, energy, fertilisers, nuclear collaboration and other sectors figuring prominently.

Jaishankar said India and Russia had reviewed their economic partnership earlier in the day at a meeting of the bilateral inter-governmental commission and expressed satisfaction with the progress made in recent years.

PUTIN FLAGS RISING TRADE, FERTILISER SUPPLIES

Putin said bilateral trade had returned to a growth trajectory this year after recording a slight decline in the previous year, according to Russian state news agency TASS.

The Russian President also highlighted Moscow's efforts to meet India's growing demand for fertilisers, particularly for the country's agricultural sector. Russia, he indicated, was increasing supplies and was prepared to continue supporting Indian requirements.

Putin described the India-Russia relationship as one built over decades and said cooperation between the two countries extended across a broad range of sectors. Engagement, he noted, continued at multiple levels, including governments, legislatures and businesses.

Jaishankar conveyed Prime Minister Narendra Modi's greetings and a personal message to Putin. He also outlined the upcoming opportunities for the two leaders to meet, beginning with the Shanghai Cooperation Organisation summit and followed by the BRICS summit in New Delhi.

The SCO leaders' meeting is scheduled to take place in Kyrgyzstan from August 31 to September 1, while New Delhi is set to host the BRICS summit on September 12 and 13.

INDIA-RUSSIA TRADE TOUCHES NEARLY $60 BILLION

Earlier, Jaishankar co-chaired a meeting of the India-Russia Inter-Governmental Commission with Russian First Deputy Prime Minister Denis Manturov, where the two sides examined ways to widen commercial and economic engagement.

Jaishankar said trade in goods between India and Russia had expanded sharply over the past five years, rising from approximately $13 billion in 2021-22 to nearly $60 billion in 2025-26.

However, the rapid growth has also produced a major imbalance in bilateral trade. According to Jaishankar, India's trade deficit with Russia has climbed from around $6.6 billion to more than $50 billion.

Correcting this imbalance, he said, is now among New Delhi's key priorities.

India is seeking improved access for its goods and services in the Russian market, while also focusing on reducing tariff and non-tariff hurdles, strengthening payment arrangements and encouraging greater direct engagement between businesses in both countries.

These measures will be important if the two nations are to achieve their shared target of taking annual bilateral trade to $100 billion by 2030.

MORE DIPLOMATIC ENGAGEMENT AHEAD

Jaishankar's Moscow schedule also includes a meeting with Russian Foreign Minister Sergey Lavrov, where the two ministers are expected to discuss major regional and international developments.

Their last meeting took place in Manila in July on the sidelines of ASEAN-related ministerial events. The two leaders had reviewed the state of bilateral ties and exchanged views on the war in Ukraine and the situation in West Asia.

During those discussions, Jaishankar had also raised India's concerns regarding the safety of Indian seafarers operating in the region.

The latest Moscow visit has therefore combined economic diplomacy with wider strategic discussions. With trade, energy, fertilisers and nuclear cooperation continuing to drive the partnership, upcoming meetings at the SCO and BRICS summits are expected to provide further opportunities for India and Russia to advance their long-standing relationship.