External Affairs Minister S Jaishankar met Russian President Vladimir Putin on Monday, with discussions focusing on strengthening economic ties in areas including trade, energy, fertilisers and nuclear cooperation.
Jaishankar landed in Moscow on Sunday for a two-day visit, ahead of Putin's expected visit to New Delhi for the BRICS leaders' summit next month.
The meeting assumes significance as India and Russia seek to deepen their economic engagement and expand cooperation in a range of areas.
Jaishankar said the two sides had held a meeting of the inter-governmental commission earlier in the day and had a "good report" on their economic cooperation.
"I think our economic cooperation, trade, energy, fertilisers, nuclear, other dimensions as well - I would be pleased to speak about it in detail. Overall, I think our economic cooperation has grown very significantly," the foreign minister said.
Putin said Russia was increasing fertiliser supplies to India and was ready to continue doing so, according to the state-run TASS news agency.
"We are doing everything we can to fully meet the needs of Indian farmers and the agricultural sector, increasing these supplies and standing ready to continue doing so," Putin was quoted as saying by TASS.
Putin also said trade between Russia and India had increased this year after declining slightly last year. "I am pleased to note that our trade has increased this year. It declined slightly last year, but it is growing this year," Putin was quoted as saying by the news agency.
He stressed that Jaishankar's visit underscored the level of relations Russia and India had built over decades and said cooperation was underway in virtually all areas, including at the level of the two governments, parliaments and businesses.
Jaishankar conveyed Prime Minister Narendra Modi's greetings and a personal communication to Putin, and said the Indian leader looked forward to meeting him at the Shanghai Cooperation Organisation (SCO) summit and then welcoming him to India for the BRICS Summit.
"Prime Minister Modi looks forward to meeting you at the SCO summit, then welcoming you in India for the BRICS Summit, and in due course, as per your mutual convenience, having the annual summit," Jaishankar said.
The 2026 SCO summit is being held from August 31 to September 1 in Kyrgyzstan, while BRICS Summit will be held in New Delhi on September 12-13.
"So, we have, excellency, I think a very strong picture of cooperation," the Indian foreign minister added.
Earlier in the day, Jaishankar held talks with Russian First Deputy Prime Minister Denis Manturov on ways to further expand bilateral trade and economic cooperation.
At an India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation event, co-chaired with Manturov, Jaishankar said bilateral trade in goods had increased four-fold over the last five years, from around USD 13 billion in 2021-22 to nearly USD 60 billion in 2025-26.
He said the rapid expansion in trade had also been accompanied by a significant widening of the trade imbalance, which had increased from USD 6.6 billion to over USD 50 billion.
"Addressing this imbalance is today one of our foremost priorities," Jaishankar said.
He said progress on market access, removal of tariff and non-tariff barriers, strengthening payment mechanisms and stronger business-to-business engagement would be critical to addressing the imbalance and achieving the shared objective of USD 100 billion in bilateral trade by 2030.
"The India-Russia partnership has consistently demonstrated resilience and adaptability," Jaishankar said. "Even amidst a complex international landscape, our engagement has continued to deepen, reflecting the mutual interest and confidence that define our bilateral partnership."
During his visit, Jaishankar is also scheduled to meet Russian Foreign Minister Sergey Lavrov to exchange views on regional and global issues, the External Affairs Ministry said in a statement on Saturday.
Jaishankar and Lavrov last met in Manila on July 22 on the sidelines of ASEAN-related ministerial meetings, where they reviewed bilateral relations and exchanged views on the Ukraine conflict and the situation in West Asia.
In that meeting, Jaishankar had also reiterated India's "strong concern" regarding the safety of Indian seafarers in the region during his meeting with Lavrov.