Rendered from the All Frontier Global corridor registry · every figure below carries a numbered source
There is no India–Russia free trade agreement. The live negotiation is a bloc negotiation: India and the Russia-led Eurasian Economic Union signed Terms of Reference in August 2025[1] and formally launched talks in November 2025[2]. This page renders the corridor registry record — the official trade values, the deficit no official source will state, the commodity split, the rupee-settlement mechanics, the INSTC and Eastern Maritime Corridor logistics, and the figures no official source would supply.
No bilateral free trade agreement between India and Russia. The operative negotiation is the proposed India-Eurasian Economic Union (EAEU) Free Trade Agreement on goods, of which Russia is one of five member states.[1] PIB describes the instrument throughout as the 'proposed FTA' and the August 2025 event as signing Terms of Reference 'to launch FTA negotiations' — i.e. no agreement is in force. Separately, a PIB backgrounder dated 27 February 2026 ('India's Trade Partnerships Powering Global Integration', pib.gov.in/PressNoteDetails.aspx?ModuleId=3&NoteId=157574) enumerates India's concluded FTAs (EU, UK CETA, Oman CEPA, New Zealand, EFTA TEPA, UAE CEPA, Australia ECTA, Mauritius CECPA) and does not list India-EAEU or India-Russia among them.
Terms of Reference for India-EAEU FTA negotiations signed 20 August 2025 in Moscow by Shri Ajay Bhadoo, Additional Secretary, Department of Commerce (India) and Mr. Mikhail Cherekaev, Deputy Director, Trade Policy Department, Eurasian Economic Commission. The ToR 'provides the framework for negotiations and is expected to unlock untapped trade potential, increase investments and establish a stronger, durable India-EAEU economic partnership.'[1]
Corroborated by the Ministry of Commerce's own hosted copy (commerce.gov.in/files/d-m-y/PIB2158480.pdf) and by All India Radio / Prasar Bharati (newsonair.gov.in/india-eaeu-sign-tor-to-begin-free-trade-agreement-negotiations/, published 21 August 2025). The AIR article is dated 21 August 2025 while PIB states the signing occurred on 20 August 2025; the PIB/commerce.gov.in date of 20 August 2025 is used here.
Formal India-EAEU FTA negotiations launched 26 November 2025 in New Delhi, under an 18-month roadmap.[2] The article attributes the announcement to Commerce and Industry Minister Shri Piyush Goyal and frames the FTA as part of India's effort to diversify export destinations. A separate PIB release (PRID 2190478, 16 November 2025) already described the negotiations as under way under the 18-month work plan, so the 26 November 2025 date should be read as the formal/first negotiating round rather than the start of all engagement.
The negotiation runs to an 18-month work plan covering goods, services and investment tracks, with quarterly regulator-to-regulator engagement established to address certification, agricultural and marine listings, and non-tariff issues. Sectors in focus: pharmaceuticals, telecom, machinery, leather, automobiles and chemicals.[5]
Both fields are null in the registry. No agreement has been signed. Only Terms of Reference for negotiations have been signed — see the Terms of Reference record below.[1] Not applicable — negotiations were still under way as of the most recent official sources fetched (December 2025).[1]
The Terms of Reference release records India–EAEU turnover of USD 69 billion in 2024, a 7 per cent increase over 2023; EAEU combined GDP of USD 6.5 trillion, for 2024[1]. This is India-EAEU bloc trade (calendar year 2024), not India-Russia bilateral trade. It is close in magnitude to the India-Russia bilateral figure because Russia dominates the bloc's trade with India.
The 23rd India-Russia Annual Summit joint statement records the leaders welcoming 'the ongoing intensification of the joint work on a Free Trade Agreement on goods between India and the Eurasian Economic Union', and directing intensified efforts on 'a mutually beneficial agreement on the promotion and protection of investments'.[4]
Primary official sources for the framework: [1][6][5][4][7][8]
For FY2024-25 (April 2024-March 2025) the Ministry of External Affairs states total bilateral trade of US$68.7 bn[3], split as US$4.9 bn of Indian exports against US$63.8 bn of imports[3]. The balance between those two legs is not stated by any official source located, and is therefore not stated here either.
| Measure | Value | Period |
|---|---|---|
| Total bilateral trade | US$68.7 bn | FY2024-25 |
| India’s exports to Russia | US$4.9 bn | FY2024-25 |
| India’s imports from Russia | US$63.8 bn | FY2024-25 |
| India’s trade deficit | not stated by any official source | FY2024-25 |
Corroboration: Total US$ 68.72 billion; Indian exports US$ 4.88 billion; imports from Russia US$ 63.84 billion[9]. IBEF labels this block 'FY24' while MEA and PIB attribute the same three values (68.7 / 4.9 / 63.8) to FY2024-25. The same IBEF page separately states 'bilateral trade between India and Russia during 2023-24 amounted to US$ 65.69 billion', which is inconsistent with its own 'FY24' label. The MEA/PIB attribution to FY2024-25 is treated as authoritative here; the IBEF labelling discrepancy is flagged in Not yet verified.
| Measure | Value | Period |
|---|---|---|
| Total bilateral trade | US$43.81 bn | FY2025-26 (April-November 2025) |
| India’s exports to Russia | US$3 bn | FY2025-26 (April-November 2025) |
| India’s imports from Russia | US$40.81 bn | FY2025-26 (April-November 2025) |
4 December 2025 Union Minister of Commerce & Industry Shri Piyush Goyal described bilateral trade as 'nearing USD 70 billion', noted the 2014 leaders' target of USD 30 billion for 2025 has been exceeded at roughly twice that level, and stated that India's share in Russia's imports remains 'under 2%'.[10]
A separate PIB release on the 26th India-Russia Working Group on Trade & Economic Cooperation (13 November 2025) states trade has 'risen to well over twice the leaders' 2014 benchmark of US$25 billion' — the two PIB releases cite the 2014 benchmark as USD 25bn and USD 30bn respectively; both are reproduced as found rather than reconciled.[11][10]
The only services figure the registry could source is US$1.021 bn for 2021[12] — five years older than the goods series above. PIB text: 'Bilateral trade in services has remained stable during the last few years. It amounted to $1.021 billion for the year 2021.' No more recent services figure was published in the sources fetched.
Revised bilateral trade target of USD 100 billion by 2030; bilateral investment target of USD 50 billion by 2025[4]. The USD 100bn/2030 and USD 50bn investment targets are also stated in the MEA bilateral brief (mea.gov.in/Portal/ForeignRelation/IndiaRussia25new.pdf) and PIB backgrounders.
The Ministry of External Affairs names the baskets without values; the valued split comes from a partial year and a different publisher. Both are shown, and the named list is not matched up to the valued one.
India’s exports, FY2024-25 (categories, no values given): Pharmaceuticals, Organic and inorganic chemicals, Iron and steel, Marine products[3].
MEA text: 'Major items of export from India include pharmaceuticals, organic and inorganic chemicals, iron & steel and marine products.' PIB's December 2025 backgrounder gives the same list as 'pharmaceuticals, chemicals, iron & steel, and marine products'. No per-commodity dollar values are attached to these categories in the official sources.[3]
India’s imports, FY2024-25 (categories, no values given): Oil and petroleum products, Vegetable oil, particularly sunflower oil, Fertilizers, Coking coal, Precious stones and metals[3].
MEA text: 'Major items of import from Russia include oil and petroleum products, vegetable oil (particularly sunflower oil), fertilizers, coking coal, precious stones and metals.' Corroborated by PIB (pib.gov.in/PressReleasePage.aspx?PRID=2198621). No per-commodity dollar values are attached in the official sources.[3]
| Commodity | Value |
|---|---|
| Machinery and mechanical appliances | US$479.52 mn |
| Pharmaceutical products | US$319.94 mn |
| Organic chemicals | US$215.23 mn |
| Electrical machinery and equipment | US$211.14 mn |
| Fish and crustaceans | US$123.64 mn |
Top categories within a total of US$ 3.00 billion of Indian exports over April-November 2025. Used as a quasi-official proxy for commodity-level detail because the primary DGCI&S / TRADESTAT commodity tables could not be retrieved — see Not yet verified.[9]
| Commodity | Value |
|---|---|
| Crude oil | US$35.76 bn |
| Fertilisers | US$2.11 bn |
| Animal or vegetable fats and oils | US$966.3 mn |
| Project goods | US$564.53 mn |
| Iron and steel | US$343.31 mn |
Top categories within a total of US$ 40.81 billion of Indian imports over April-November 2025. Crude oil alone accounts for roughly seven-eighths of the import bill in this period, which is the structural driver of the corridor's imbalance.[9]
Stated stated December 2025, forward-looking. These are policy priorities, not realised flows.
automobiles, tractors, heavy commercial vehicles, electronics, smartphones, data-processing equipment, heavy machinery, industrial components, textiles and food products
consumer goods, food and agriculture, pharmaceuticals and medical supplies, telecom and electronics, industrial components
These are stated policy priorities for diversifying the export basket, not realised trade flows. Included because the corridor's official agenda is explicitly about changing the goods mix.[10]
Payments dominate this corridor’s mechanics, because no preferential tariff schedule applies to it. The entries are listed as the registry states them, each with the date attached to that status.
The Reserve Bank of India issued A.P. (DIR Series) Circular No. 10, RBI/2022-2023/90, dated 11.07.2022, establishing a framework for International Trade Settlement in Indian Rupees (INR). Under it, 'all exports and imports under the arrangement may be denominated and invoiced in Rupee (INR) and the settlement of trade transactions under the arrangement shall take place in INR.' The framework is 'applicable for any partner country seeking to undertake trade with India in INR'. DGFT issued supporting notifications dated 16.09.2022 and 09.11.2022 to align export benefits and export obligation fulfilment with rupee settlement.
This PIB release describes the framework generically and does not name Russia. The Russia-specific application is sourced separately below.
Source organisation: Government of India, Press Information Bureau (Ministry of Finance / RBI framework); DGFT notifications referenced therein
RBI describes the SRVA as enabling 'settlement of International trade in Indian Rupees (INR) through SRVA' as 'an additional arrangement to the existing system'. What distinguishes it from an ordinary Rupee Vostro Account is that 'facilities to use SRVA balances for permissible investments make it distinct from normal Rupee Vostro Account'. Balances may be deployed for 'any permissible current and capital account transaction under the extant FEMA framework', including FDI and ECB; investments in debt instruments are governed by the Master Direction - Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025. 'The balance in the SRVA is freely repatriable', as is income from permitted deployment of INR balances.
Source organisation: Reserve Bank of India (FAQ page, shown as updated 30 July 2026)
External Affairs Minister Dr S. Jaishankar, addressing the India-Russia Business Forum in Mumbai, stated that 'Special Rupee Vostro Accounts are an effective mechanism' for settling bilateral trade in national currency, alongside a call to 'speedily address non-tariff barriers and regulatory impediments' in order to achieve balanced trade.
This is the only official Indian government source located that explicitly ties the SRVA mechanism to the Russia corridor by name. The same report cites bilateral trade of USD 66 billion at that date against the USD 100 billion by 2030 target. Note this event predates the 2025-2026 window; it is included in mechanics rather than developments for that reason.
Source organisation: All India Radio / Prasar Bharati (Government of India)
The 23rd India-Russia Annual Summit joint statement records that the sides will 'continue jointly developing systems of bilateral settlements through use of the national currencies in order to ensure the uninterrupted maintenance of bilateral trade', and agreed 'to continue their consultations on enabling the interoperability of the national payment systems, financial messaging systems, as well as central bank digital currency platforms.'
The phrases 'uninterrupted maintenance of bilateral trade' and 'financial messaging systems' are the closest the official Indian-government record fetched here comes to acknowledging payment-channel friction. Neither this document nor any other Indian government source fetched uses the word 'sanctions' in connection with bilateral payments. No inference beyond the quoted text is asserted — see Not yet verified.
Source organisation: Government of India, Ministry of External Affairs (Joint Statement following the 23rd India-Russia Annual Summit)
At the 26th Meeting of the India-Russia Working Group on Trade & Economic Cooperation in Moscow, 'both sides agreed to explore payments solutions to meet the needs for businesses, especially medium, small and micro enterprises.'
The release states the existing arrangements need supplementing for MSMEs but does not describe the nature of the obstruction. It is reproduced verbatim without elaboration.
Source organisation: Government of India, Press Information Bureau / Department of Commerce (Commerce Secretary Shri Rajesh Agrawal)
EAM Dr S. Jaishankar, meeting Russian Foreign Minister Sergey Lavrov in Moscow, stated that 'enhancing Indian exports to Russia in sectors like pharmaceuticals, agriculture and textiles will help to correct the current imbalance', and emphasised 'swiftly addressing non tariff barriers and regulatory impediments'. The ministers 'reaffirmed shared ambition to expand bilateral trade in a balanced and sustainable manner'. Separately, Foreign Secretary Vikram Misri said after the 23rd Annual Summit that the proposed India-EAEU FTA is expected to address India's trade deficit, and that 'negotiation should be fast tracked for early conclusion with stipulated timelines'.
The Foreign Secretary's remarks are separately sourced to All India Radio, 5 December 2025 (newsonair.gov.in/india-russia-push-for-fast-tracking-free-trade-agreement-talks/).
Source organisation: All India Radio / Prasar Bharati (Government of India)
At the 26th Working Group on Trade & Economic Cooperation the Commerce Secretary proposed 'expedited listing of Indian establishments', a 'systems-based approach with FSVPS in agriculture, especially marine products', and a 'time-bound pathway in pharmaceuticals covering registration, regulatory reliance, and predictable timelines'. India also encouraged 'greater procurement of Indian IT-BPM, healthcare, education, and creative services by Russian entities' and sought 'predictable mobility for Indian professionals'. The Indian side 'took note of the Russian interest in concluding a bilateral investment treaty'.
FSVPS is Russia's Federal Service for Veterinary and Phytosanitary Surveillance; the acronym appears unexpanded in the source. Corroborated in general terms by the PIB December 2025 backgrounder, which records the 26th IRIGC-TEC session (20 August 2025) as focused on 'addressing tariff and non-tariff trade barriers'.
Source organisation: Government of India, Press Information Bureau / Department of Commerce
No preferential tariff schedule applies to India-Russia trade. The proposed India-EAEU FTA is stated to be intended to 'expand market access for Indian exporters', 'support diversification into new sectors and geographies', 'enhance competitiveness against non-market economies' and 'deliver significant benefits to Micro, Small and Medium Enterprises (MSMEs)'.
The first sentence is an inference from the absence of any in-force agreement rather than a direct quotation; the quoted objectives are verbatim from PIB. Flagged in Not yet verified.
Source organisation: Government of India, Press Information Bureau / Ministry of Commerce & Industry
Two corridors carry this trade in official Indian descriptions — the International North–South Transport Corridor through Iran, and the Chennai–Vladivostok Eastern Maritime Corridor. The registry carries no throughput data for either.
Established 12 September 2000 in St. Petersburg by Iran, Russia and India, as a multimodal transport corridor for 'promoting transportation cooperation among the Member States'. Eleven further members were subsequently added: Azerbaijan, Armenia, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkey, Ukraine, Belarus, Oman, Syria, and Bulgaria (observer status). The corridor 'connects India Ocean and Persian Gulf to the Caspian Sea via Islamic republic of IRAN, then is connected to St. Petersburg and North European via Russian Federation'.
Used because the Ministry of External Affairs INSTC press release and the Department of Commerce INSTC pages could not be retrieved (403 and 404 respectively) — see Not yet verified. Corridor length in kilometres is not stated by this source.
Source organisation: Asian Development Bank, Asia Regional Integration Center (ARIC) — intergovernmental development bank, not an Indian or Russian government source
The corridor connects 'the Indian Ocean and the Persian Gulf to the Caspian Sea via Iran and onward to northern Europe via St. Petersburg in Russia'. The operational routing runs Mumbai (India) to Chabahar (Iran) by sea; Chabahar to Bandar-e-Anzali on the Caspian by road; Bandar-e-Anzali to Astrakhan (Russian Caspian port) by ship; and Astrakhan onward into Russia and Europe by rail. The stated purpose is to 'reduce the time taken for EXIM shipments to reach Russia, Europe and enter the central Asian markets'. Chabahar has a deep draft of 16 metres and functions as 'the commercial transit centre for the region, especially Central Asia'.
This release names India, Iran and Russia as the member countries and gives no transit-time or cost-saving figures. No official Indian government quantification of INSTC transit-time or cost savings was located — see Not yet verified.
Source organisation: Government of India, Press Information Bureau (workshop on 'Linking Chabahar Port with INSTC', Mumbai)
'In 2024, India-Iran signed a 10-year agreement for operating Shahid Beheshti Port at Chabahar, providing India the legal rights to operate the port.' The port 'will be a vital nodal point for international north-south transport corridor network'.
Source organisation: Government of India, Press Information Bureau — 'Transforming India's Transport Infrastructure (2014-2025)'
Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal stated that the existing Western Sea Route from Mumbai to St. Petersburg via the Suez Canal is '8,675 Nautical Miles or 16,066 Kms' and takes 40 days, whereas the Eastern Maritime Corridor from Chennai to Vladivostok is 'only 5,647 Nautical Miles or 10,458 Kms' and takes 24 days — a saving of up to 16 days and '5,608 Kms in distance'. The feasibility study identified 'Coking Coal, Oil, Fertilizers, Containers and Liquefied Natural Gas' as the commodities with significant trade potential on the route. Ports involved: Chennai Port and Kamarajar Port on the Indian side, Vladivostok in the Russian Far East.
Delivered at the first India-Russia workshop on 'Operationalisation of the Chennai-Vladivostok Eastern Maritime Corridor', hosted by Chennai Port, indicating the corridor was in the operationalisation phase as of January 2024. This is also the source for the Suez-route baseline; no separate official Indian source specific to Suez routing for Russia trade was located.
Source organisation: Government of India, Press Information Bureau / Ministry of Ports, Shipping and Waterways
India and Russia agreed to train Indian seafarers in Polar and Arctic waters at the Russian Maritime Training Institute named after GI Admiral Nevelsky, in Vladivostok. Discussions between Shri Sarbananda Sonowal and Russian Minister for Development of the Far East and Arctic Mr A.O. Chekunkov covered both the Northern Sea Route and the Eastern Maritime Corridor between Vladivostok and Chennai, with 'coking coal, oil, LNG and fertilizers' identified as the potential cargo base.
The release records discussion points and intent; it contains no transit times, distances or signed MoU text for the NSR.
Source organisation: Government of India, Press Information Bureau / Ministry of Ports, Shipping and Waterways
The 23rd India-Russia Annual Summit joint statement records agreement to 'deepen cooperation in building stable and efficient transport corridors', naming the International North-South Transport Corridor (INSTC), the Chennai-Vladivostok (Eastern Maritime) Corridor and the Northern Sea Route.
Corroborated by PIB (pib.gov.in/PressReleasePage.aspx?PRID=2199494) and by the MEA bilateral brief and PIB December 2025 backgrounder, which list the same three corridors as the connectivity initiatives both countries seek to promote.
Source organisation: Government of India, Ministry of External Affairs (Joint Statement following the 23rd India-Russia Annual Summit)
Signed in Moscow by Shri Ajay Bhadoo, Additional Secretary, Department of Commerce, and Mr. Mikhail Cherekaev, Deputy Director, Trade Policy Department of the Eurasian Economic Commission. India-EAEU trade turnover was cited at USD 69 billion in 2024, up 7 per cent on 2023, against a combined EAEU GDP of USD 6.5 trillion.
Source organisation: Government of India, Press Information Bureau / Ministry of Commerce & Industry
The session emphasised 'early conclusion of the India-Eurasian Economic Union FTA, whose terms of reference were finalized', focused on 'addressing tariff and non-tariff trade barriers' and on 'removing bottlenecks in logistics' and 'effecting payment mechanisms smoothly', and discussed fast-tracking the opening of two new Indian Consulates in Kazan and Yekaterinburg.
Source organisation: Government of India, Press Information Bureau — 'India-Russia Relations at a Glance' (4 December 2025)
Jaishankar said enhancing Indian exports in pharmaceuticals, agriculture and textiles 'will help to correct the current imbalance', and pressed for 'swiftly addressing non tariff barriers and regulatory impediments'. Discussions also covered long-term fertiliser supply and Indian skilled workers for Russian IT, construction and engineering sectors.
Source organisation: All India Radio / Prasar Bharati (Government of India)
Commerce Secretary Shri Rajesh Agrawal led the Indian side. Both sides 'agreed to explore payments solutions to meet the needs for businesses, especially medium, small and micro enterprises'. India sought expedited listing of Indian establishments, a systems-based approach with FSVPS on marine products, and a time-bound pathway in pharmaceuticals. The release noted trade had 'risen to well over twice the leaders' 2014 benchmark of US$25 billion' against the shared US$100 billion by 2030 target, and that India took note of Russian interest in a bilateral investment treaty.
Source organisation: Government of India, Press Information Bureau / Department of Commerce
Commerce Secretary Shri Rajesh Agrawal met Mr Andrey Slepnev (Minister for Trade, Eurasian Economic Commission) and Mr Mikhail Yurin (Deputy Minister of Industry and Trade, Russian Federation). The Terms of Reference signed on 20 August 2025 were confirmed as setting an 18-month work plan covering goods, services and investment, with quarterly regulator-to-regulator engagement on certification, agricultural and marine listings and non-tariff issues, and sectoral focus on pharmaceuticals, telecom, machinery, leather, automobiles and chemicals.
Source organisation: Government of India, Press Information Bureau / Ministry of Commerce & Industry
Announced by Commerce and Industry Minister Shri Piyush Goyal, under an '18-month roadmap focused on opening new markets for Indian businesses', with stated beneficiaries including MSMEs, farmers and fishermen. The report situates the move alongside India's other negotiations (Southern African Customs Union, Mercosur) as export-destination diversification.
Source organisation: All India Radio / Prasar Bharati (Government of India)
Goyal noted the 2014 target of USD 30 billion for 2025 had been exceeded at roughly twice that level, set the goal to 'exceed USD 100 billion by 2030', and flagged that India's share in Russia's imports remains 'under 2%'. He identified automobiles, tractors, heavy commercial vehicles, electronics, smartphones, data-processing equipment, heavy machinery, industrial components, textiles and food products as Indian export expansion targets, and noted Russia's projected shortfall of three million skilled professionals as an opportunity for Indian workers.
Source organisation: Government of India, Press Information Bureau / Ministry of Commerce & Industry
PM Modi and President Putin co-chaired the summit and adopted the 'Programme for the Development of Strategic Areas of India - Russia Economic Cooperation till 2030'. The joint statement records the revised bilateral trade target of USD 100 billion by 2030; welcomes 'the ongoing intensification of the joint work on a Free Trade Agreement on goods between India and the Eurasian Economic Union'; commits to 'continue jointly developing systems of bilateral settlements through use of the national currencies in order to ensure the uninterrupted maintenance of bilateral trade' and to consultations on 'interoperability of the national payment systems, financial messaging systems, as well as central bank digital currency platforms'; and agrees to deepen cooperation on the INSTC, the Chennai-Vladivostok (Eastern Maritime) Corridor and the Northern Sea Route. Sixteen agreements were exchanged across defence, trade, economy, healthcare, academics, culture and media, and India announced a free 30-day e-tourist visa and 30-day Group Tourist Visa for Russian citizens.
Source organisation: Government of India, Ministry of External Affairs (Joint Statement following the 23rd India-Russia Annual Summit)
Foreign Secretary Vikram Misri, briefing after the Modi-Putin discussions, said the proposed India-EAEU FTA is expected to address India's trade deficit, and that Bilateral Investment Treaty discussions should be expedited.
Source organisation: All India Radio / Prasar Bharati (Government of India)
The registry records what could not be sourced as well as what could. These are open items, listed exactly as the registry states them — not gaps we have filled from memory or inference.
Numbered to match the markers in the text above. Every figure on this page traces to one of these; nothing is estimated, averaged or carried over from outside the registry.
Data verified 12 August 2026 · rendered from the corridor registry.
Developed by Amit Jain at allfrontierglobal.com
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