Russia enters top five of India's largest trading partners for first time; Trade triples in 2022-23

Russia has for the first time entered the top five of India's largest trading partners. The total trade between the two countries for the incomplete 2022–23 financial year has reached almost $40 billion, according to a Sputnik report citing Indian Commerce Ministry data. The ten-month data show that turnover between the countries has tripled. In the previous fiscal year, the trade turnover reached only $13.1 billion. Russian energy exports accounted for a large part of the surge in trade. This marks the first time since the late 1990s, when India began tracking trade statistics, that Russia has entered the top five of trade partners.