India, Russia Targeting $100 Billion Trade Amid Sanctions Pressure

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Russian President Vladimir Putin India Visit: PM Modi Urges Peace in Ukraine

New Delhi: India and Russia on Friday finalised a five-year economic cooperation programme till 2030 to deepen trade and investment ties, even as Prime Minister Narendra Modi conveyed to Russian President Vladimir Putin that the war in Ukraine must be resolved through peaceful means. The high-profile summit took place at a time when Moscow faces a tightening net of Western sanctions and punitive tariffs.

Following their talks at the 23rd India-Russia Annual Summit, the two leaders reaffirmed the enduring strength of their over eight-decade-old partnership, with Modi describing the relationship as steadfast like a “pole star” despite global geopolitical turbulence.

Beyond the economic roadmap, the two sides also signed multiple agreements to expand cooperation in key areas such as health, mobility and migration, food safety, shipping, civil nuclear energy and people-to-people exchanges. Putin arrived in New Delhi on Thursday evening to a red-carpet welcome, with Modi personally receiving him at the airport and later hosting a private dinner that set the tone for the summit.

Expanding Energy and Nuclear Cooperation

Announcing the economic programme till 2030, Modi said the objective is to diversify, balance and sustain bilateral trade and investment. At present, India-Russia trade stands at USD 64 billion, and both leaders expressed confidence that it can be scaled up to USD 100 billion annually in the coming years.

Putin described Russia as a “reliable supplier of oil, gas, coal and everything required to meet India’s energy needs”, and assured uninterrupted fuel supplies to support India’s fast-growing economy.

He also indicated Russia’s willingness to deepen cooperation in the construction of small and modular nuclear reactors and floating nuclear power plants, as well as in non-energy atomic applications in medicine and agriculture.

Modi reiterated that energy security has been a crucial pillar of the India-Russia partnership, particularly highlighting the importance of civil nuclear cooperation. “We will continue this win-win cooperation,” the prime minister said.

He further underlined the importance of cooperation on critical minerals for securing diversified global supply chains and supporting clean energy, high-tech manufacturing, and next-generation industries.

In a major people-to-people initiative, Modi announced that India will soon introduce free 30-day e-tourist visas and 30-day group tourist visas for Russian citizens to boost tourism and cultural exchanges.

Ukraine, Terrorism and Connectivity Figure Prominently in Talks

The Ukraine conflict featured prominently in the Modi-Putin discussions, with the Indian prime minister reiterating New Delhi’s consistent stand in favour of peace. “We welcome all efforts for a peaceful and lasting solution to this issue. India has always been ready to contribute and will continue to do so,” Modi said.

The two leaders also discussed counter-terrorism cooperation, with Modi stressing that India and Russia have long fought shoulder to shoulder against terrorism. Referring to recent attacks — including those in Pahalgam and Moscow’s Crocus City Hall — Modi asserted that terrorism is an attack on the values of humanity itself and that global unity is the most potent weapon against it.

Enhancing connectivity between the two nations also emerged as a key priority, with both sides seeking faster trade routes and greater logistical integration. The summit drew wide international attention, especially in Western capitals, as it came amid sustained efforts by the US and its allies to economically isolate Moscow and curb Russian energy exports to force an end to the Ukraine war.

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