India’s high-level delegation to Moscow next week to discuss trade, local currency settlement

External Affairs Minister Dr S Jaishankar (left) and Russia’s Foreign Minister Sergey Lavrov
| Photo Credit:
ANI

India’s high-level delegation that will visit Russia next week will also include senior trade officials, as bilateral trade would be a crucial part of the talks, sources said. Local currency settlement is also likely to be a part of the talks.

The Indian team will be in Moscow on August 20-21 and is expected to take forward discussions on a free trade agreement (FTA) with the Eurasian Economic Union (EEU) countries, a source tracking the matter told businessline.

The meeting is important, given the 50 per cent tariffs imposed on Indian exports by the US government. This includes 25 per cent additional tariffs for India’s continued purchase of oil and defence equipment from Russia.

“It will be an important meeting with Russia. We hope to make progress in our economic and trade engagement on multiple fronts. India would also press for a more balanced trade with Russia,” the source said.

Key FTA

Last November, Russia’s First Deputy Prime Minister Denis Manturov said that his country was committed to signing the FTA between India and the EEU, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

On Wednesday, the Russian government had announced External Affairs Minister S Jaishankar’s meeting with his counterpart Sergey Lavrov on August 21.

Bilateral trade between India and Russia reached a record high of $68.7 billion in FY25, nearly 5.8 times higher than the pre-pandemic trade of $10.1 billion, according to government figures. It comprises India’s exports worth $4.88 billion and imports from Russia amounting to $63.84 billion.

Published on August 14, 2025