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Aleksei Zakharov, “Mapping Russian Investment in India,” ORF Issue Brief No. 865, Observer Research Foundation, March 2026.
Since 2022, bilateral trade volumes between Russia and India have far surpassed the target of US$30 billion set by the two countries in 2015. In FY2024–25, trade turnover amounted to US$68.7 billion, mainly because of increased imports of crude oil by India, which comprised around 80 percent of bilateral trade.[1] Encouraged by the spike in trade activities, India and Russia adopted a new target of US$100 billion by 2030, which the Indian external affairs minister described in 2024 as “more than realistic.”[2]
The two sides have implemented several steps to facilitate the flow of goods, including developing a national currency mechanism, improving logistics, and arranging insurance solutions, with the aim to move away from reliance on Western entities. First, transactions between India and Russia are now dominated by the rupee–ruble settlement, as per the Reserve Bank of India’s (RBI) July 2022 decision to allow imports and exports in the Indian currency.[3] This currently accounts for more than 90 percent of bilateral trade operations.[4] However, the scheme initially left Russia with a significant surplus of rupees.[5] Although it became a thorny issue for bilateral economic ties in 2022–23, New Delhi and Moscow found a solution by investing this money into the Indian economy and injecting more capital into Russian businesses in India.[6]
Second, transport connectivity between the two countries has gradually progressed, building on the operationalisation of the Vladivostok–Chennai maritime corridor and the incremental growth in utilisation of the International North–South Transport Corridor (INSTC).[a] Third, oil shipments are now reliant on protection and indemnity coverage provided by Russian insurers, facilitating their delivery to Indian ports, despite sanctions against the Russian tanker fleet (see Table 1).
Table 1. Russian Insurers Approved by the Indian Government
| Company Name | Date of Approval | Permit Expiry Date |
| Alfastrakhovanie PCL | April 2024 | February 2030 |
| ASTK Insurance Company | May 2025 | March 2026 |
| Ingosstrakh Insurance Company | June 2022[b] | February 2029 |
| Sberbank Insurance LLC | May 2025 | March 2026 |
| Sogaz Insurance Co. | April 2024 | February 2030 |
| Soglasie Insurance Company Limited | January 2025 | March 2026 |
| Ugoria Group of Insurance Companies | May 2025 | March 2026 |
| VSK Insurance | April 2024 | February 2030 |
Source: Ministry of Ports, Shipping and Waterways, Government of India[7]
Additionally, in May 2024, India and Russia signed a bilateral agreement between the customs authorities on Authorized Economic Operators, which has had “a big impact on smoothening the ease of doing trade.”[8] This was followed by a protocol on the exchange of pre-arrival information regarding goods and vehicles, signed in December 2025 and intended to further optimise customs control procedures.[9]
The acceleration of India’s trade talks with the Eurasian Economic Union (EAEU) is seemingly an extension of bilateral measures. The 18-month work plan, which was adopted as part of the Terms of Reference signed in August 2025, entails opening new EAEU markets to Indian micro, small and medium enterprises (MSMEs); farmers; and fishermen.[10]
Although bilateral trade has expanded and become more immune to external risks, recent dynamics show that the impressive growth in volume has gradually lost momentum, perhaps reaching its ceiling. This was confirmed by President Vladimir Putin in his remarks at the India–Russia summit in December 2025 when he said that the trade figures for 2025 would remain unchanged.[11]
There are several reasons behind this. First, some of the supplies from Russia to India have been severely impacted by Western sanctions. Diamond exports, for example, have plummeted from US$1.4 billion to US$400 million since the Group of Seven (G7)[c] and European Union (EU) banned direct and indirect imports of precious stones originating from Russia in 2024.[12] This has affected India’s polished diamond industry, which traditionally sourced raw materials from Russia. This led the Indian government to raise its concerns with a delegation from Belgium, one of the main sources of India’s diamond imports, during an Indian visit by the Belgian foreign secretary in 2024.[13] However, attempts to change the situation have apparently been futile, with the Indian imports of precious stones from Russia dropping considerably since April 2024 (see Table 2).
Table 2. India’s Exports to and Imports from Russia, 2022–2025 (in US$ billion)
| Commodity | Exports | Commodity | Imports | ||||
| FY2022–23 | FY2023–24 | FY2024–25 | FY2022–23 | FY2023–24 | FY2024–25 | ||
| Automatic data processing machines | 0.05 | 0.09 | 0.5 | Crude | 31.0 | 46.4 | 50.3 |
| Medicaments | 0.4 | 0.4 | 0.4 | Coal | 4.8 | 3.7 | 3.4 |
| Electrical equipment (smartphones) | 0.01 | 0.2 | 0.2 | Petroleum oils | 2.9 | 3.8 | 3.2 |
| Aluminium oxide | 0.1 | 0.2 | 0.2 | Sunflower seed | 0.9 | 1.1 | 2.1 |
| Ceramics | 0.06 | 0.1 | 0.1 | Fertilisers | 3.0 | 2.1 | 1.8 |
| Frozen shrimps and prawns | 0.1 | 0.1 | 0.1 | Project goods | 0.6 | 0.8 | 0.6 |
| Coffee | 0.1 | 0.07 | 0.06 | Edible vegetables | 0.001 | 0.2 | 0.3 |
| Rice | 0.06 | 0.06 | 0.08 | Diamonds | 1.4 | 1.2 | 0.4 |
| Total | 3.1 | 4.3 | 4.9 | Total | 46.2 | 61.2 | 63.8 |
Source: Ministry of Commerce and Industry, Government of India[14]
Russian crude supplies, which form the basis of bilateral trade with India, have also been targeted by several rounds of sanctions imposed by the US and EU. While generally showing high levels of resistance to external restrictions, oil supplies have seen greater interruptions following the Biden administration sanctions of January 2025,[15] which hit oil companies and nearly 200 tankers, as well as the European sanctions of July 2025,[16] which blacklisted the Indian-owned Nayara Energy company, in which Russia’s biggest oil producer, Rosneft, has a 49.13-percent stake.[17] In October 2025, the Trump administration, which refrained from any restrictions on Russian economy in its first eight months, blacklisted Rosneft and another large Russian oil company, Lukoil, along with their subsidiaries.[18] These measures have disrupted shipping and forced some Indian refineries to restrict their operations with the sanctioned entities.
Second, bilateral trade remains lopsided in Russia’s favour. Despite much talk and expectation, Indian exports to Russia have grown only marginally, from US$3.1 billion in FY2022–23 to US$4.9 billion in FY2024–25. Nonetheless, India’s exports to Russia have diversified over the past three years, with notable surges in shipments of automatic data-processing machines and electronics, specifically smartphones.[19]
A significant trade imbalance poses a problem without an immediate solution. India cannot supply goods or commodities to Russia on the same scale as Russian energy resources, particularly given the reluctance of Indian private businesses to enter the Russian market or engage in transactions with their Russian counterparts. Beyond the oft-cited reasons of the existing sanctions threat and an absence of sufficient information, which are somewhat exaggerated, the non-tariff barriers and regulatory impediments have also hindered progress.[d]
All these factors have made it difficult to reduce the trade imbalance and scale up trade. Yet, when push comes to shove, as evidenced by Russian businesses doubling down on their efforts to enter the Indian market, it is possible to overcome the hurdles to reinvigorate partnerships and create new joint ventures (JV).
The investment partnership between India and Russia has traditionally been limited to selected sectors and mechanisms. Russia has mainly invested through the foreign direct investment (FDI) route, focusing on sectors such as aerospace and defence, chemicals, oil and gas, and railways.[20] Cut off from Western markets and stock exchanges and looking to utilise the surplus rupees, Russia has explored new opportunities to invest in India, including in JVs, infrastructural projects, government securities, and stocks.
New Delhi and Moscow have attempted to incentivise investment partnerships by holding regular meetings of working groups, organising business summits, and launching an investment forum in April 2024.[21] This effort is also embedded in the Programme for the Development of Strategic Areas of India-Russia Economic Cooperation till 2030 that was signed at the bilateral summit in December 2025.[22]
The official data on Russia investment shows modest results. While Indian companies invested more than US$760 million in the Russian economy in 2024, Russia invested around US$200 million in India.[23] Furthermore, Indian government statistics show that Russia is only 31st in the list of FDI equity inflows, with a modest cumulative investment of US$1.3 billion from April 2000 to September 2025. This equates to just 0.17 percent of the total inflows into the Indian economy during the same period.[24]
The existing data, however, does not reveal the bigger picture: Russian companies, predominantly state-funded, have built solid connections with their Indian partners across several key industries. These links have spanned decades and have largely remained unaffected despite all the geopolitical headwinds.
Energy
The oil and gas sector has long been a major area of mutual interest in India–Russia relations. Since the early 2000s, Indian public companies have invested in upstream projects in the Russian Far East and Siberia, with cumulative FDI reaching US$16 billion.
The biggest Russian investment was Rosneft’s acquisition of a 49-percent stake in Essar Oil for US$12.9 billion in October 2016. This was also the largest single FDI inflow into the Indian economy. The deal included the second-largest refinery in India, located in Vadinar, with an annual throughput capacity of 20 million tonnes. An additional US$2 billion was reportedly paid for a port terminal to supply the refinery.[25] Apart from that, under the brand of Nayara Energy, the company has expanded its retail network to over 6,750 fuel stations across India. In total, Rosneft invested US$20 billion in the Indian economy, as announced by President Putin in December 2024.[26]
Yet, Rosneft’s investments have not improved Russia’s standing among investors in the Indian economy, because some of the investments were done through its subsidiaries in other countries. For example, Rosneft acquired its stake in Essar Oil through its Singapore-based subsidiary, Petrol Complex Pte Ltd (later renamed Rosneft Singapore Pte Ltd),[27] so this investment is counted as being from Singapore, not Russia.
Russian investments in the Indian energy sector have seemingly paid off, with Vadinar emerging as the second-largest Indian refinery after Jamnagar to source Russian oil post 2022. Despite being included in the eighteenth package of EU’s sanctions against Russia, Nayara Energy has moved ahead with processing Russian oil and supplying petroleum products, such as diesel, gasoline and jet fuel, to global markets.[28] Additionally, while denouncing the sanctions as “unjustified, illegal, and a direct threat to India’s energy security,” the company reaffirmed its commitment to invest INR 70,000 crore (approximately US$8 billion) in downstream projects linked to its refinery.[29]
Russian nuclear power company Rosatom has been constructing the Kudankulam Nuclear Power Plant (KNPP) in Tamil Nadu since 2002. Under the intergovernmental financial arrangement signed in June 1998, Russia was to provide a loan of up to US$2.6 billion for Units I and II of the plant. This state credit was offered at an interest rate of 4 percent per annum, covering 85 percent of the cost of the Russian scope of work, including nuclear fuel. The other 15 percent of the cost of the Russian scope of work, as well as the remaining Indian cost of the project, were to be financed by the Nuclear Power Corporation of India as equity. In December 2001, the Indian government approved funding for the project, totalling INR 13,171 crore (US$2.8 billion), comprising equity funding of INR 6,755 crore (approximately US$1.44 billion) and Russian credit of INR 6,416 crore (approximately US$1.36 billion), with an option to raise additional domestic debt. However, the project cost was revised twice: first, to INR 17,270 crore (approximately US$3 billion) in 2013, then to INR 22,462 crore (approximately US$3.6 billion) in 2014, due to increased expenses related to interest during construction, manpower costs, establishment costs and the deployment of Russian specialists at Kudankulam.[30] Units I and II of KNPP have been operational since December 2014 and October 2016, respectively. Construction of the remaining four units is expected to be completed by 2027.[31]
Metallurgy and Mining
In August 2011, Russian metals-to-mining major Mechel and India’s Somani Group set up a joint-venture company, Mechel Somani Carbon Ltd. Mechel Carbon AG, the Swiss-based subsidiary of Mechel OAO’s mining division Mechel Mining OAO, acquired a 51 percent share in the JV. The JV has sourced coal from Mechel’s mines in Russia and other countries, processing it for further supplies to Indian industries in Odisha, Chhattisgarh, Jharkhand, and Andhra Pradesh. While the investment figures have not been disclosed, the new company intended to invest over INR 100 crore (approximately US$21 million) to fund its expansion, including the creation of stockyard infrastructure.[32] The project’s primary distribution area is located 20 km from Vizag port in an industrial region of Andhra Pradesh.
In March 2025, Russian aluminium giant Rusal reached an agreement with the Indian alumina refinery Pioneer Aluminium Industries Ltd through which it will acquire a 50-percent share in three stages. The first stage has been completed, with Rusal purchasing a 26-percent stake for US$244 million.[33] Pioneer Aluminium operates a metallurgical-grade alumina refinery in Andhra Pradesh with a production capacity of 1.5 million tonnes. The investment is expected to enable the Russian company to reduce its reliance on third-party raw material. Rusal intends to supply bauxite to, and receive alumina from, the Indian plant in proportion to its shareholding.[34]
Novolipetsk Steel (NLMK), one of the largest steel companies in Russia, has invested around US$150 million in the plant at Auric City in Aurangabad’s Delhi–Mumbai Industrial Corridor. With a presence in India since 2011–12, its plant produces premium grades of transformer steel and has a reported annual production capacity of 64,000 tonnes. NLMK began assembling a new plant’s steel structures in the summer of 2021 and brought it up to full capacity in the second quarter of 2023. Prior to launching its own production, it held a 25-percent share of the Indian transformer steel market.[35] It also operates a manufacturing unit in Aurangabad, two storage and distribution centres in Maharashtra and Gujarat, and a service centre in Daman and Diu.
In December 2010, ahead of the annual India–Russia summit, Severstal, a major Russian steel and mining company, and National Mineral Development Corporation (NMDC) Ltd, the largest Indian iron-ore producer, signed an agreement to set up a JV firm, each holding a 50-percent share. The project involved the construction of a 5-million-tonne steel plant in Karnataka, estimated to cost around INR 25,000 crore (approximately US$5.4 billion).[36] However, after several years of market research and discussions, the JV fell through, with NMDC proceeding alone. According to a Severstal representative, the company decided to suspend its involvement in the Indian project due to “complicated business conditions.”[37]
Chemicals
In May 2024, KuibyshevAzot Engineering Plastics India Private Ltd, a subsidiary of the Russian conglomerate KuibyshevAzot, inaugurated its production plant in Sri City, a manufacturing hub in Andhra Pradesh dedicated to producing polyamide and a variety of engineering plastics. These materials have a wide range of applications in sectors such as automotives, electrical, electronics, consumer goods, defence, and railways. The facility covers over 3 acres with an estimated investment of INR 95 crore (US$10.7 million) and has an initial annual production capacity of 15,000 tonnes with plans to double this in the future.[38]
Machinery
Russian heavy equipment maker Uralmash has worked with India since the 1950s. During his trip to the Soviet Union in 1955, Indian Prime Minister Jawaharlal Nehru visited the Uralmash plant to inspect the production process of equipment for India’s first metallurgical plant in Bhilai. Uralmash has also supplied equipment for Steel Authority of India Limited (SAIL) plants in Bokaro, Durgapur, and Rourkela as well as for Coal India Ltd (CIL) mines.[39]
Currently, it is present in the Indian market through its JV with SRB International, which was formed in 2016. This is the first Indo–Russian JV in the heavy equipment manufacturing sector. Although the companies have not publicly disclosed their expenditure, it is designed as a 50/50 partnership. An Uralmash representative stated that the company would invest US$5–6 million a year in Uralmash SRB India. The JV’s main objective is to set up a manufacturing base in India for producing machinery for the mining and steel sectors.[40]
Since the construction of the Kudankulam nuclear power plant began, Uralmash has delivered heavy equipment, including polar cranes, trestle cranes, and transfer machines to it. In April 2021, it won a tender worth over US$350 million to supply five walking draglines to CIL. This was the largest contract for the Russian company in over three decades. Delivery of the first dragline to India began in June 2022. As part of the agreement, Uralmash will provide servicing and maintenance for the draglines, including supplying spare parts and accessories for 11 years from their commissioning date.[41]
Another Russian company that specialises in equipment production and operates across various sectors is Power Machines. Focusing on power engineering, the company provides manufacturing, supply, installation, servicing and modernisation services for thermal, nuclear, hydraulic and gas-turbine power plants. Since the 1960s, it has been involved in dozens of projects in India. For example, under a 1997 contract, Power Machines shipped four hydropower units sets of 250W for the Tehri Hydropower Plant (HPP) in Uttar Pradesh. The first stage of the Tehri HPP was completed in 2008, with Power Machines being responsible for building, start-up and commissioning supervision.[42] Additionally, the company delivered two hydropower units of 75 MW each for Balimela HPP in Odisha and modernised three hydraulic turbines for Loktak HPP in Manipur, increasing their power output from 35 MW to 45 MW.[43] In 2007, the Russian company opened its subsidiary in India—Power Machines India Ltd—which was involved in the construction of the Sipat and Barh Thermal Power Plants and the Kudankulam NPP.
Railways
In March 2023, the Russian rolling stock major Transmashholding (TMH), in a tie-up with India’s Rail Vikas Nigam (RVNL), won one of “the largest tenders of the recent past”[44] for the production and maintenance of Vande Bharat electric trains on behalf of the Indian Railways. The TMH–RVNL consortium’s success is largely attributed to it emerging as the lowest bidder, with a proposed manufacturing cost of INR 120 crore (approximately US$13 million) per train set.[45]
A few months later, both companies signed a deal to create a JV, Kinet Railway Solutions Ltd. TMH owns 75 percent of the JV while RVNL holds the remaining 25 percent.[46] The contract with Indian Railways, signed in September 2023, is worth INR 54,000 (US$6.5 billion), including US$1.7 billion for rolling stock and US$4.8 billion for maintenance. It includes the production of 120 16-car long-distance electric trains, to be delivered within five years of the signing date, as well as subsequent maintenance services for 35 years.[47] This gives TMH’s engagement with Indian partners a long-term nature and provides scope for new initiatives, including educational programmes for Indian specialists.
In June 2024, the JV took control of the Marathwada Rail Coach Factory in Latur, Maharashtra, for manufacturing Vande Bharat sleeper train sets. The total working capital required for upfront investment, which includes plans to launch an engineering centre and upgrade three service depots in different cities for subsequent equipment maintenance, exceeds US$150 million.[48]
TMH also aims to capitalise on its foothold in India to extend its operations to third countries. As the TMH Chief Executive Officer (CEO) Kirill Lipa stated, the company views India “not just as a market, but also as a potential manufacturing hub for serving other regions – particularly African countries – leveraging India’s advanced manufacturing capabilities and strategic location.”[49]
Shipbuilding and Logistics
Shipbuilding is an emerging area for bilateral projects between India and Russia. As both countries intend to enhance logistics, they recognise the need for more vessels to support their growing trade operations. To encourage INSTC operationalisation, particularly the Trans-Caspian route, Russia requires more ships. This will enable regular connectivity between its southern ports of Olya and Makhachkala and the Iranian ports of Bandar-e Anzali and Caspian, as well as Amirabad and Nowshahr.
In a move to expand shipping in the Caspian Sea, Russia has reportedly placed an order with the Goa Shipyard Limited (GSL) to build 24 cargo vessels, including chemical tankers, bulk carriers, and container ships. Construction was scheduled to commence in early 2024 and conclude by 2027.[50] While there is no available information about the progress of this deal, the expected timeframe appears to be overly optimistic.
Another example of heightened engagement in the shipbuilding sector is related to the development of the Northern Sea Route (NSR).[e] Due to a shortage of ice-class vessels (ships that can navigate through ice) on this route, Russia has been looking for opportunities to build new ships.
As part of its cooperation with India, Moscow has considered two options. The first is the joint production of vessels in the Indian shipyards. Rosatom has reportedly been in talks with Indian public and private shipyards regarding the construction of four non-nuclear icebreakers with an estimated cost of over INR 6,000 crore (approximately US$665 million).[51] The potential deal, which is yet to be officially announced, could be based on the Memorandum of Understanding (MoU) on shipbuilding and repair of Russian ships at Indian shipyards. The second option entails constructing ice-class vessels in Russia and bringing in Indian specialists to undergo training at Russian institutions.[52]
The first meeting of a working group on cooperation in the NSR in October 2024[53] hints at plans to promote joint projects in the Arctic, specifically in shipbuilding. If implemented, the project would be mutually beneficial, with Russia needing to scale up its maritime fleet of all types and India keen to acquire technology to construct ice-class vessels.
Potential Areas for Collaboration
Since 2024, Moscow and New Delhi have been in discussions regarding potential cooperation on critical minerals. The consultations were reportedly focused on advanced technologies essential for extracting and processing of vital minerals for high-tech, automotive, and defence applications.[54] Specifically, India has sought Russian technology and assistance in exploring and mining minerals. While there has been no public information about the progress of these talks, an agreement on “technology transfer in mining sector” was included in the protocol signed by the working group on modernisation and industrial cooperation in August 2025.[55]
Beyond rising willingness to enter JVs with Indian companies, Russian firms and individual investors have been exploring portfolio investments and deals in venture capital and private equity. The volume of Russian portfolio investment has surpassed US$2 billion in 2024. This has been facilitated by the Russian financial groups obtaining licences to enter India’s securities market, as well as their agreements with local partners to provide Russian investors access to the Indian market.[56]
Since 2023, over twenty Russian entities, including financial services groups such as Alfa Capital and Finam, and the largest Russian banks Sberbank, VTB and T-Bank, registered as foreign portfolio investors (FPI) with the Securities and Exchange Board of India (SEBI). Several brokerage firms with FPI licences have invested on behalf of their clients. Beyond the intention to use the rupees lying in special accounts in India for investment in stocks and securities,[57] India is seemingly emerging as a new destination for Russian portfolio investors, who perceive the country as a “stable, predictable and accessible market”[58] and a “safe harbour”[59] for doing business in the context of Western sanctions.
During President Putin’s visit to India in December 2025, Herman Gref, the CEO of Sberbank, announced a new initiative: a mutual fund that will allow Russian retail investors to invest in India’s stock market. Dubbed as a “financial bridge”[60] between the two countries, the new investment route will be linked to the performance of the NSE Nifty 50 index, providing Russian investors with exposure to the 50 Indian companies with the highest market capitalisation.[61]
Since the 2010s, Russian investment funds have shown interest in Indian start-ups. Several private equity funds have made investments in rising Indian companies in areas such as e-commerce, food delivery, transport and logistics, fintech and digital banking.
DST Global, founded in 2009, is one of the most prominent portfolio investors in Indian start-up ecosystem. It entered the Indian market in 2014–15, with investments in Flipkart, Ola Cabs and Swiggy. The firm is still active in India, with its portfolio comprising equities in start-ups such as Cred, Cars24, RazorPay and Udaan.[62] However, DST Global cannot currently be qualified as a Russia-related private equity investor because its owner, Yuri Milner, renounced his Russian citizenship in 2022. Milner claims that he cut his ties to Russia in 2014 when his family left the country and moved to the United States.[63]
Ru-Net Holdings is another venture capital fund with Russian roots that has focused on investments in India. Founded in 1999 by Russian entrepreneur Leonid Boguslavsky, the firm was rebranded as RTP Global in 2018. The RTP Global has US$4 billion in total assets under management and a US$1 billion fund for investing in start-ups, with one third of its investments being earmarked for India.[64] In the early 2010s, the venture capital firm invested in several Indian start-ups, including Snapdeal, FreeCharge and Faasos Food Services.[65] Its current portfolio features several dozens of Indian companies, such as GoKwik, Practo, Rebel Foods, Newton School and Vahak.[66] Following Russia’s war with Ukraine in 2022, RTP Global has distanced itself from Russia. Boguslavsky, who presents himself as a Canadian entrepreneur, has disappeared from the public eye. His fund maintains that it has no offices or operational presence in Russia.[67]
AFK Sistema, a Russian conglomerate with unsuccessful experience in India’s telecoms sector, set up a fund in 2016 targeting Indian start-ups operating in technology and niche consumer retail. Sistema Asia Capital, a private equity firm registered in Singapore, has invested in over a dozen of Indian start-ups such as Infra.Market, Rebel Foods, Uniphore, HealthifyMe and Licious.[68] In November 2023, AFK Sistema and its affiliated entities, including Sistema Asia Pte Ltd, were blacklisted by the US Department of the Treasury.[69] The firm, however, has continued its operations in India and Southeast Asia.
For a long time, the interbank connection between the two countries has been loose, with a weak presence of financial institutions on each other market. While this is still the case with Indian banks, which are hesitant to return to Russia,[f] there has been an expansion of Russian banks’ footprint in India.
VTB and Sberbank have worked in India since 2005 and 2009, respectively, financing trade and investment projects between Indian and Russian companies. Other banks that have been present in India for more than a decade include Vneshekonombank (now VEB.RF), Gazprombank and Promsvyazbank (PSB). For long, due to insignificant volumes of trade and weak business ties, their operations in India had been limited.
From 2022 onwards, Russian financial institutions started expansion of both physical presence and operational activity. The rise of trade volumes resulting from record energy transactions, coupled with Russian businesses’ growing interest in entering the Indian market and the shift towards rupee–ruble settlements, has driven the integration of Russian banks into the Indian financial system. Consequently, Russian banks are strengthening their presence in India by opening new offices and increasing their staff numbers. For example, Sberbank opened a new office in Mumbai in 2023 and set up an IT unit in Benguluru, housing a data-processing centre and employing more than 200 people.[70] Another major bank, VTB, seeks to open a branch in Mumbai in 2026 and launch a number of digital products with an aim to reduce the need for customer service visits. Some other Russian institutions, such as Alfa-Bank, are considering entry into the Indian market. Beyond that, the Russian Central Bank is also set to open a branch in Mumbai in 2026. This is a testament to the substantial increase in transactions with India, particularly those within the rupee–ruble settlement mechanism.
The two governments continue to work on improving the interoperability of payment systems, mutual acceptance of bank cards, and the integration of financial messaging systems.[71] According to Russian official sources, these efforts are “gradually developing,” though Indian banks are still somewhat “overcautious”[72] in working with their Russian counterparts.
The RBI has introduced a range of measures aimed to further facilitate interbank operations between India and Russia. A circular issued in August 2025 allows Indian category-1 banks to open special rupee vostro accounts (SRVAs) for their foreign correspondent banks without prior RBI approval. This simplifies the investment of Russian companies’ accumulated funds in government securities and treasury bills, lifting some of the previously existing restrictions.[73]
In December 2021, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin set a new target of achieving a bilateral investment volume of US$50 billion by 2025. Reaching this goal, however, has been complicated by a changed geopolitical environment since 2022, which has brought up sanctions and payment issues. Beyond these well-known complications, the expansion of economic ties is hindered by other structural factors. One is the absence of a Bilateral Investment Treaty (BIT), meaning that both Russian and Indian investors are operating without sufficient legal protection.
India and Russia signed a BIT in December 1994. The agreement came into force in August 1996 and entailed promotion and fair and equitable treatment of mutual investments. In April 2017, however, India terminated the agreement, along with similar BITs with other countries, recognising that the ambiguous provisions in the model text could be open to interpretation by arbitral tribunals.[74]
Following Prime Minister Modi’s visit to Moscow in July 2024, the two sides rekindled negotiations on the new investment treaty, based on the upward trajectory of merchandise trade and increased exchanges of business delegations. Despite being “close to moving forward,”[75] the status of these talks has not been updated since then.
Although bilateral transactions have been streamlined and, according to some official statements, in the majority of cases, take no longer than 10 minutes,[76] some technical and structural limitations persist. Firstly, even with the avoidance of dollar-based transactions in place, the US currency continues to act as a benchmark for rupee–ruble settlements. The requirement for a cross-rate leaves transactions reliant on third countries’ currencies. Secondly, while the RBI’s relaxed regulations allow Russian companies to channel the rupee surplus into government bonds and treasury bills, limits on rupee repatriation and foreign exchange (forex) rate volatility still pose risks for investors.[77]
Another issue is that Indian regulators maintain a conservative approach to the expansion of Russian companies’ operations. According to the Export Credit Guarantee Corporation of India (ECGC) assessment, Russia retains a high-risk rating due to sanctions and an unclear status within the Financial Action Task Force (FATF). The Russian side insists that the rating should be reviewed, as rupee trade is not subject to sanctions and Russia is still a member of the FATF.[78]
Despite sanctions and ensuing challenges with transactions, Russian companies have been actively entering the Indian market. It appears that New Delhi and Moscow have succeeded in setting up new financial connectivity between the two countries, finding mutually beneficial solutions for moving ahead with economic projects.
For Russian businesses that have lost access to European markets, India seems to be attractive owing to its huge market, manufacturing capabilities, and strategic location. These factors allow them to use their footprint in India both for operations within the country and as a platform for expansion to other countries of the Global South.
The growing number of JVs between India and Russia is indicative of mutual interest in collaborations across different areas. Russia continues to be instrumental for India in critical industries such as energy, metallurgy, machinery, and railways. In many ways, there is historical continuity as some of the Indian facilities built in the Cold War era with Soviet assistance are still reliant on Russian supplies and servicing.
Beyond the formation of JVs, Russian entities and private businesses are increasingly interested in the Indian stock market, investing in shares and bonds in rapidly growing sectors. Even as bilateral trade has seemingly reached its limit and requires structural measures to enable the flow of goods, particularly India’s exports, to pick up, there is ample room for Russian investment in India to increase. As long as Russia is isolated from Western markets, Russian businesses will continue to gravitate towards India. However, the profitability of bilateral projects will largely depend on further integration of the two countries’ financial systems, a better understanding by Russia of the Indian market’s key players and rules, and a willingness to localise production and engage in long-term tie-ups.
Source: Author's own, using various open sources. (Map created by Rahil Miya Shaikh, Multimedia Lead, ORF.)
Aleksei Zakharov is Fellow, Russia & Eurasia, Strategic Studies Programme, ORF.
All views expressed in this publication are solely those of the authors, and do not represent the Observer Research Foundation, either in its entirety or its officials and personnel.
[a] The INSTC is a 7,200-km multi-modal transport network connecting India, Iran, Russia, Central Asia, and potentially Europe.
[b] Ingosstrakh was the first Russian insurer to get an approval from the Indian Directorate of Shipping in 2013.
[c] The G7 is an intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan, the UK and the US.
[d] Russian officials promised to address existing issues for India’s exporters in an attempt to improve the imbalance of trade. Specifically, Russia is seeking to import more agricultural products and food-processing equipment from India.
[e] The NSR is a maritime route in the Arctic Ocean that connects the Pacific and Atlantic oceans through the Arctic. See: https://www.orfonline.org/expert-speak/understanding-the-potential-of-the-northern-sea-route.
[f] Indian bank ICICI sold its Russian branch in December 2014. The only Indian bank operating in Russia is Commercial Indo Bank. It was a joint venture between the State Bank of India (SBI) and Canara Bank until the latter sold its equity stake to the SBI in November 2023.
[1] Export Import Data Bank, Department of Commerce, Ministry of Commerce and Industry, Government of India, https://tradestat.commerce.gov.in/eidb/default.asp.
[2] “Urgent Redressal of India-Russia ‘One-Sided’ Balance of Trade Needed, Says Jaishankar,” The Indian Express, November 12, 2024, https://indianexpress.com/article/business/india-russia-one-sided-balance-of-trade-jaishankar-9665029/.
[3] “International Trade Settlement in Indian Rupees (INR),” Reserve Bank of India, https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12358&Mode=0.
[4] Rezaul H Laskar, “HT Interview: India-Russia Ties Time-Tested, Future Oriented, Says Russian Ambassador,” Hindustan Times, November 9, 2025, https://www.hindustantimes.com/india-news/ht-interview-india-russia-ties-time-tested-future-oriented-says-russian-ambassador-101762628917677.html.
[5] “Russia Says It Has Billions of Indian Rupees That It Can’t Use,” Bloomberg, May 5, 2023, https://www.bloomberg.com/news/articles/2023-05-05/russia-says-it-has-billions-of-indian-rupees-that-it-can-t-use.
[6] Lydia Kulik, Russia-India: An Economic Cooperation Framework, Valdai Discussion Club Report (2025), https://valdaiclub.com/a/reports/russia-india-an-economic-cooperation-framework/.
[7] Ministry of Ports, Shipping and Waterways, Government of India, https://www.dgshipping.gov.in/Content/InsuranceBranch.aspx
[8] Ministry of External Affairs, Government of India, https://www.mea.gov.in/Speeches-Statements.htm?dtl/38502/Address_by_External_Affairs_Minister_Dr_S_Jaishankar_at_the_IndiaRussia_Business_Forum_Mumbai.
[9] Ministry of External Affairs, Government of India, https://www.mea.gov.in/bilateral-documents.htm?dtl/40409/List_of_Outcomes_State_Visit_of_the_President_of_the_Russian_Federation_to_India_December_04__05_2025.
[10] “India-Russia Trade Ties; India Reviews EAEU FTA Roadmap in Moscow; Focus on Diversification and Supply-Chain Resilience,” The Times of India, November 16, 2025, https://timesofindia.indiatimes.com/business/india-business/india-russia-trade-ties-india-reviews-eaeu-fta-roadmap-in-moscow-focus-on-diversification-and-supply-chain-resilience/articleshow/125362291.cms.
[11] “Statements by the President of Russia and the Prime Minister of India for the Media,” http://kremlin.ru/events/president/news/78657.
[12] “EU, G7 Indirect Russian Diamond Ban Comes into Effect,” Reuters, March 1, 2024, https://www.reuters.com/world/europe/eu-g7-indirect-russian-diamond-ban-comes-into-effect-2024-03-01/.
[13] Suhasini Haidar, “After Russian Oil, India Raises Sanctions Over Russian Diamonds with Europe,” The Hindu, https://www.thehindu.com/news/international/after-russian-oil-india-raises-sanctions-over-russian-diamonds-with-europe/article68051504.ece.
[14] Export Import Data Bank, Department of Commerce, Ministry of Commerce and Industry, Government of India.
[15] Office of the Spokesperson, “Sanctions to Degrade Russia’s Energy Sector,” US Department of State, January 10, 2025, https://2021-2025.state.gov/office-of-the-spokesperson/releases/2025/01/sanctions-to-degrade-russias-energy-sector/.
[16] “EU adopts 18th package of sanctions against Russia,” European Commission, July 18, 2025, https://finance.ec.europa.eu/news/eu-adopts-18th-package-sanctions-against-russia-2025-07-18_en
[17] “Nayara Energy Limited,” Rosneft, https://www.rosneft.com/business/Downstream/Neftepererabotka/Nayara_Energy_Limited/.
[18] U.S. Department of the Treasury, https://home.treasury.gov/news/press-releases/sb0290.
[19] Writankar Mukherjee, “As Smartphone Exports Skyrocket, Some Fly Under Radar,” The Economic Times, April 20, 2025, https://economictimes.indiatimes.com/industry/cons-products/electronics/as-smartphone-exports-skyrocket-some-fly-under-radar/articleshow/120440754.cms.
[20] “Russian Investment in India’s Strategic Sectors of Economy Reaches $1.26 BLN,” TASS, April 27, 2024, https://tass.com/economy/1781715.
[21] Chamber of Commerce and Industry of the Russian Federation in India, “The 1st Russian-Indian Investment Forum Took Place in Moscow,” https://ivp-tpprfindia.com/tpost/gibedklt01-the-1st-russian-indian-investment-forum.
[22] Ministry of External Affairs, Government of India, https://www.mea.gov.in/bilateral-documents.htm?dtl/40409/List_of_Outcomes_State_Visit_of_the_President_of_the_Russian_Federation_to_India_December_04__05_2025.
[23] Ministry of Economic Development of the Russian Federation, https://economy.gov.ru/material/news/minekonomrazvitiya_rossii_v_2024_godu_indiyskie_kompanii_vlozhili_v_rossiyskuyu_ekonomiku_bolee_760_mln_dollarov.html.
[24] Department of Promotion of Industry and Internal Trade, Fact Sheet on Foreign Direct Investment (FDI) Inflow from April, 2000 to September, 2025, https://www.dpiit.gov.in/static/uploads/2025/12/7b947761f3bb819d1092c7a189f37834.pdf.
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[26] “Russia’s Rosneft Invested $20 bn in India, Says Govt Quoting Putin,” Business Standard, December 5, 2024, https://www.business-standard.com/external-affairs-defence-security/news/russia-s-rosneft-invested-20-bn-in-india-says-govt-quoting-putin-124120500491_1.html.
[27] “Rosneft-Led Consortium Acquires Essar Oil for $12.9bn,” Offshore Technology, August 21, 2017, https://www.offshore-technology.com/news/newsrosneftled-consortium-acquires-essar-oil-for-129bn-5906183/.
[28] “After Sanctions, Indian Oil Refiner Nayara's Exports Find New Markets,” Reuters, September 29, 2025, https://www.reuters.com/business/energy/after-sanctions-indian-oil-refiner-nayaras-exports-find-new-markets-2025-09-26/.
[29] “Nayara Energy to Invest Rs 70,000 cr in India; Says EU Sanctions Go Against India's Interests,” The Economic Times, July 22, 2025, https://economictimes.indiatimes.com/industry/energy/oil-gas/nayara-energy-to-invest-rs-70000-cr-in-india-says-eu-sanctions-go-against-indias-interests/articleshow/122817709.cms.
[30] Union Government Department of Atomic Energy, Report of the Comptroller and Auditor General of India on Kudankulam Nuclear Power Project, Units I and II for the year ended March 2017, Report No. 38 of 2017 (Performance Audit), https://cag.gov.in/uploads/download_audit_report/2017/Report_No.38_of_2017_-_Performance_Audit_on_Kudankulam_Nuclear_Power_Project,_Units_I_and_II_Department_of_Atomic_Energy.pdf.
[31] Department of Atomic Energy, Government of India, https://www.pib.gov.in/PressReleasePage.aspx?PRID=1881734.
[32] “Somani Group in Coal JV with Russian Firm,” Business Standard, January 20, 2013, https://www.business-standard.com/article/companies/somani-group-in-coal-jv-with-russian-firm-111080700080_1.html.
[33] “Russia’s Rusal to Buy 50% Stake in Indian Alumina Refinery Owner in Stages,” Reuters, March 14, 2025, https://www.reuters.com/markets/deals/russias-rusal-buy-50-stake-indian-alumina-refinery-owner-stages-2025-03-14/.
[34] “Rusal Closes First Stage of Deal to Buy Stake in India's Pioneer, Acquiring 26% for $244 MLN,” Interfax, August 15, 2025, https://interfax.com/newsroom/top-stories/113280/.
[35] “NLMK Brings Transformer Steel Plant in India up to Full Capacity,” Interfax, July 12, 2023, https://interfax.com/newsroom/top-stories/92479/.
[36] “NMDC, Severstal in JV for 5 mt Steel Plant in K’taka,” The Economic Times, December 11, 2010, https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/nmdc-severstal-in-jv-for-5-mt-steel-plant-in-ktaka/articleshow/7080766.cms.
[37] “NMDC to Go Ahead with India Steel Project without Severstal,” Reuters, August 7, 2013, https://www.reuters.com/article/world/nmdc-to-go-ahead-with-india-steel-project-without-severstal-idUSDEE9760B7/.
[38] Sri City (P) Limited, “KuibyshevAzot Engineering Plastics Inaugurates its First Indian Production Unit in Sri City,” https://sricity.in/en/news_events/kuibyshevazot-engineering-plastics-inaugurates-its-first-indian-production-unit-in-sri-city/.
[39] Rakhi Mazumdar, “Russian Heavy Equipment Maker Uralmash Set to Enter India's Steel & Mining Sector”, The Economic Times, February 24, 2016, https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/russian-heavy-equipment-maker-uralmash-set-to-enter-indias-steel-mining-sector/articleshow/51124922.cms.
[40] Mazumdar, “Russian Heavy Equipment Maker Uralmash Set to Enter India's Steel & Mining Sector”.
[41] “Russia’s Uralmash Plant Wins Mining Industry’s Largest Dragline Order in Decades, for Supply of Five 1,960 T Machines to Coal India,” International Mining, April 8, 2021, https://im-mining.com/2021/04/08/russias-uralmashplant-wins-mining-industrys-largest-dragline-order-decades-supply-five-1960-t-machines-coal-india/.
[42] “Power Machines Completed Tehri HPP Project in India,” Power Machines, https://power-m.ru/en/press-center/news/power-machines-completed-tehri-hpp-project-in-india/.
[43] “Power Machines having accomplished the project of participation in the Balimela HPP facilities extension,” Power Machines, https://power-m.ru/en/press-center/news/power-machines-having-accomplished-the-project-of-participation-in-the-balimela-hpp-facilities-extension/.
[44] “Transmashholding, Rail Vikas Nigam Ltd Sign Agreement to Supply Trains for Indian Railways,” Interfax, July 25, 2023, https://interfax.com/newsroom/top-stories/92945/.
[45] Smriti Jain, “Vande Bharat Sleeper: Russia’s TMH-RVNL Consortium Emerges Lowest Bidder to Make Rajdhani-Style Vande Bharat Trains,” The Times of India, March 1, 2023, https://timesofindia.indiatimes.com/business/india-business/vande-bharat-sleeper-russias-tmh-rvnl-consortium-emerges-lowest-bidder-to-make-rajdhani-style-vande-bharat-trains/articleshow/98337958.cms.
[46] “Transmashholding, Rail Vikas Nigam Ltd Sign Agreement to Supply Trains for Indian Railways.”
[47] Maitri Porecha, “Indo-Russian JV to Set Up 3 Depots for Vande Bharat Sleeper Project,” The Hindu, December 4, 2024, https://www.thehindu.com/news/national/indo-russian-jv-to-set-up-3-depots-for-vande-bharat-sleeper-project/article68947222.ece.
[48] “Indo-Russian JV to Set Up 3 Depots for Vande Bharat Sleeper Project,” The Hindu.
[49] “Russian Firm TMH Eyes Expansion Beyond Vande Bharat Trains, Plans to Export from India: CEO Interview,” News18, November 25, 2024, https://www.news18.com/world/russian-firm-tmh-eyes-expansion-beyond-vande-bharat-trains-plans-to-export-from-india-ceo-interview-9132938.html.
[50] “India to Build 24 Cargo Ships for Russia,” The Maritime Executive, November 3, 2023, https://maritime-executive.com/article/india-to-build-24-cargo-ships-for-russia.
[51] P. Manoj, “Russia Eyes Indian Yards to Build Four Non-Nuclear Icebreaker Ships to Back its Northern Sea Route Plan,” The Economic Times, October 10, 2024, https://infra.economictimes.indiatimes.com/news/ports-shipping/russia-eyes-indian-yards-to-build-four-non-nuclear-icebreaker-ships-to-back-its-northern-sea-route-plan/114123309.
[52] “Russia and India are considering joint production of ice-class vessels for the Northern Sea Route,” TASS, https://tass.ru/ekonomika/22381859.
[53] “India-Russia Working Group Discusses Steps on Arctic Shipbuilding, Sailor Training,” The Times of India, https://timesofindia.indiatimes.com/india/india-russia-working-group-discusses-steps-on-arctic-shipbuilding-sailor-training/articleshow/114231366.cms.
[54] Nitin Kumar and Subhayan Chakraborti, “India Looks at Russia to Secure Rare Mineral Mining Tech, Partnership,” Business Standard, June 12, 2024, https://www.business-standard.com/industry/news/india-looks-at-russia-to-secure-rare-mineral-mining-tech-partnership-124061200858_1.html.
[55] Ministry of Commerce and Industry, Government of India, https://www.pib.gov.in/PressReleasePage.aspx?PRID=2153241.
[56] Valentina Averianova, “India on the Rise: Why the Country Attracts Russian Investors,” Izvestiya, March 17, 2024, https://iz.ru/1665173/valentina-averianova/indiia-na-podeme-pochemu-strana-privlekaet-rossiiskikh-investorov.
[57] “From Russian Funds with Love: Plan Mooted to Tap Rupee Balance in Special Accounts,” The Economic Times, April 25, 2024, https://economictimes.indiatimes.com/industry/banking/finance/banking/from-russian-funds-with-love-plan-mooted-to-tap-rupee-balance-in-special-accounts/articleshow/109573081.cms.
[58] Pavan Burugula, “Russian Firms Queue for Indian Market Trading Licence,” Money Control, December 5, 2025, https://www.moneycontrol.com/news/business/russian-firms-queue-for-indian-market-trading-licence-13712294.html.
[59] “Why Russia Calls India Its ‘Safe Harbor’ | Sberbank Reveals Expansion & New Business Push,” India Today, December 4, 2025, https://www.indiatoday.in/india/video/sberbank-india-official-calls-country-safe-harbor-for-russian-business-amid-sanctions-ytvd-2830592-2025-12-04.
[60] Burugula, “Russian Firms Queue for Indian Market Trading Licence.”
[61] “Sberbank Launches India-Focused Fund Tracking Nifty50 for Russian Investors,” Business Standard, December 6, 2025, https://www.business-standard.com/markets/capital-market-news/sberbank-launches-india-focused-fund-tracking-nifty50-for-russian-investors-125120600327_1.html.
[62] “List of Indian Startups Valued at $1bn or More,” Venture Intelligence, https://www.ventureintelligence.com/Indian-Unicorn-Tracker.
[63] Nicholas Gordon, “A Russian Tech Billionaire Says He Gave Up His Citizenship Months After Putin Invaded Ukraine,” Fortune, October 11, 2022, https://fortune.com/2022/10/11/yuri-milner-dst-global-russia-citizenship-putin/.
[64] Anand J, “Investors are Choosy About Metrics: RTP Global’s Nishit Garg Explains Late Stage Funding Slowdown,” Money Control, July 1, 2025, https://www.moneycontrol.com/news/business/funding/investors-are-choosy-about-metrics-rtp-global-s-nishit-garg-explains-late-stage-funding-slowdown-13211223.html.
[65] Dmitry Filonov, “Indian Start-Ups Help Russian Businessman Become Billionaire,” Russia Beyond the Headlines, May 13, 2016, https://www.rbth.com/economics/business/2016/05/13/indian-start-ups-help-russian-businessman-become-billionaire_592511.
[66] “Our Portfolio,” RTP-Global, https://rtp.vc/our-companies/.
[67] “About RTP Global,” Leonidboguslavsky, https://leonidboguslavsky.com/rtp-global.
[68] “Sistema Asia Fund Expands Its India Leadership Team,” The Economic Times, August 26, 2021, https://economictimes.indiatimes.com/tech/tech-bytes/sistema-asia-fund-expands-its-india-leadership-team/articleshow/85658688.cms.
[69] Office of Foreign Assets Control, “Sanctions List Search,” US Department of the Treasury, https://sanctionssearch.ofac.treas.gov/Details.aspx?id=46012.
[70] “Sberbank to Hire 300 People in Bengaluru,” The Times of India, April 11, 2024, https://timesofindia.indiatimes.com/city/bengaluru/sberbank-to-hire-300-people-in-bengaluru/articleshow/109207407.cms.
[71] “Russian Ambassador Notes Progress in Resolving Issues with India,” TASS, July 16, 2025, https://tass.ru/ekonomika/24527329.
[72] Rezaul H. Laskar, “India-Russia Trade Hit by ‘Over-Cautiousness’ of Indian Banks: Russian Envoy,” Hindustan Times, October 28, 2024, https://www.hindustantimes.com/india-news/indiarussia-trade-hit-by-over-cautiousness-of-indian-banks-russian-envoy-101730125726808.html.
[73] “Rupee-Rouble Rule: What RBI Move Means for Russia Trade,” The Times of India, August 13, 2025, http://timesofindia.indiatimes.com/articleshow/123269562.cms.
[74] Rajeev Jayaswal and Rezaul H. Laskar, “India, Russia Aim for Speedy Conclusion of Bilateral Investment Treaty,” Hindustan Times, September 18, 2024, https://www.hindustantimes.com/india-news/india-russia-aim-for-speedy-conclusion-of-bilateral-investment-treaty-101726662635366.html.
[75] Jayaswal and Laskar, “India, Russia Aim for Speedy Conclusion of Bilateral Investment Treaty”.
[76] “Греф: 80% транзакций между РФ и Индией в 2025 году прошли менее чем за 10 минут [Gref: 80% of transactions between Russia and India in 2025 took less than 10 minutes],” TASS, December 4, 2025, https://tass.ru/ekonomika/25817823.
[77] Oksana Dyachenko, “Расчеты между Россией и Индией: двойная конвертация валют и торговый дисбаланс, [Settlements between Russia and India: double currency conversion and trade imbalance],” RIAMO, September 2, 2025, https://riamo.ru/articles/aktsenty/raschety-mezhdu-rossiej-i-indiej-dvojnaja-konvertatsija-valjut-i-torgovyj-disbalans/.
[78] “As Russia Seeks to Expand Trade in Rupee-rouble, RBI & SEBI Remain Wary,” The Indian Express, October 8, 2024, https://indianexpress.com/article/business/banking-and-finance/as-russia-seeks-to-expand-trade-in-rupee-rouble-rbi-sebi-remain-wary-9608947/.
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Aleksei Zakharov is a Fellow with ORF’s Strategic Studies Programme. His research focuses on the geopolitics and geo-economics of Eurasia and the Indo-Pacific, with particular ...
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