Russia Eagerly Awaits Modi’s 2026 Visit as India Bilateral Trade to Touch $100 Billion by 2030

Russia is eagerly waiting for Indian Prime Minister Narendra Modi’s visit to Moscow later this year, even as India pegs the bilateral trade growth with Russia at $100 billion by 2030.

In Moscow, Russian Foreign Minister Sergey Lavrov on Monday (March 23, 2026) expressed his nation’s anticipation of continued high-level diplomatic engagement with India, highlighting the enduring nature of the partnership.

In New Delhi on the same day, Indian External Affairs Minister Dr. S. Jaishankar hailed the longstanding relationship with Russia, and noted that the two nations were committed to growing their bilateral trade to $100 billion by 2030.

Lavrov, in his video address to the Second International Conference on ‘Russia and India: Towards a New Agenda for Bilateral Relations’, said, “We look forward to welcoming Prime Minister Narendra Modi to Russia in 2026.”

The Russian Foreign Minister noted that the bilateral ties between India and Russia were built upon a “time-tested friendship” that “stands as a model of how interstate relations should be built: On equality, mutual trust, respect, and due regard” for each other’s interests.

“Following President Vladimir Putin’s trip to India in late 2025, the alignment of Russia’s and India’s strategic objectives was reaffirmed, and a substantial package of documents, including policy documents, was signed,” Lavrov said.

Emphasising the robust economic cooperation between the two nations, he noted that “in 2025, bilateral trade reached approximately $60 billion.” Looking futuristic, he said: ” Our leaders have reaffirmed the goal of reaching $100 billion by 2030.”

To achieve the trade target, both nations would “deepen cooperation in logistics, technology, and investment, including through the development of the International North-South Transport Corridor and the Northern Sea Route,” Lavrov noted.

Commending India’s global standing, the Russian Foreign Minister said: “New Delhi’s steadfast pursuit of an independent foreign policy, within the framework of its course towards strategic autonomy, and its consistent prioritisation of national interests command the deepest respect.”

He also pointed out that “India’s influence continues to grow steadily in the emerging multipolar world as one of the leading global political and economic centres, a distinct civilisation, and a great power of the 21st Century.”

Pointing out the “major significance” of the bilateral coordination amid the current geopolitical turbulence, including the acute military and political crisis in the Gulf region, Lavrov blamed the United States and Israel for the conflict with Iran.

The Russian Foreign Minister reaffirmed his nation’s commitment to supporting India on the international stage, saying this year, India held the BRICS chairmanship under the motto ‘Strengthening Resilience, Innovation, Cooperation, and Stability.

“Russia is ready to provide comprehensive support to our Indian friends throughout their chairmanship (of BRICS),” he added.

In his address at the same conference, through a virtual platform, Jaishankar said, “Both sides are committed to increasing the present annual trade from $68.7 billion to $100 billion by 2030 in a balanced and sustainable manner.”

Lauding the conference, jointly hosted by the Russian International Affairs Council and the Indian Embassy in Moscow, the Indian External Affairs Minister said the two nations were addressing the non-tariff barriers and regulatory impediments to grow their bilateral trade.

“India and Russia share a special and privileged strategic partnership rooted in trust and mutual respect. Over the decades, our mutually beneficial cooperation has advanced regional and global peace, stability, and progress,” Jaishankar said, highlighting the relationship’s contribution.

“In today’s evolving geopolitical dynamics, our engagement continues to deepen, driven by frequent high-level exchanges. The last visit of President Putin to India in December 2025 broke new ground, covering diverse and novel areas including mobility of skilled professionals, health, food safety, maritime cooperation, fertilisers, customs, commerce, academia, and media cooperation,” he said.

“Russia is our foremost partner in civil nuclear energy, and the Kudankulam nuclear project is a stellar example. As India aims to increase its nuclear energy generation capacity to 100 gigawatt by 2047, I am confident that it will find a trusted and reliable partner in Russia for peaceful uses of nuclear energy,” he added.

Recalling the depth of the people-to-people ties between India and Russia, Jaishankar noted that this was based on a shared appreciation of India’s art, Yoga, Ayurveda, and culture.

He expressed the confidence that the new consulates of India in Kazan and Ekaterinburg would further strengthen the economic, cultural, and social bonds between the people of the two nations.

Regarding global and regional cooperation with Russia, the Indian External Affairs Minister emphasised how the evolving multipolar order necessitated greater cooperation, including through BRICS, SCO, G20, and the UN.

Jaishankar said India’s chairmanship of BRICS this year would see a humanity-first and people-centric approach to geopolitics and economic cooperation.

He said India was looking forward to working closely with Russia to address the shared challenges in a balanced and inclusive manner.