New Delhi [India], December 2 (ANI): Russian capital inflows into Indian equities surged sharply in FY25, with investments from Russia tripling to USD 18.45 million from USD 5.16 million in FY24, according to a report by Rubix Data Sciences. The report noted that Russian FDI equity inflows reached their highest level in four years, signaling renewed economic engagement between the two countries.
The investment was concentrated in sectors such as trade, maritime cooperation, payment systems, civil aviation, and defense. The report also highlighted that total goods traded between India and Russia posted a strong 70% CAGR from FY21 to FY25. During this period, India’s trade deficit widened nearly twentyfold. In FY21, India sourced barely 2 percent of its crude oil from Russia, but by FY25, that figure rose to 35 percent, making Russia India’s largest crude oil supplier with trade exceeding USD 50 billion.
The report added that India’s crude oil imports from Russia are expected to reach their highest level in November this year before potentially declining from December, driven by pre-deadline stocking by refiners, discounted pricing, and shifting global energy flows. However, Kpler projects that Russian crude shipments to India may rebound in early 2026, routed increasingly through intermediaries and more complex trade channels.
Russia’s overall exports continue to be dominated by crude oil, petroleum products, and natural gas. The share of these three energy products rose to 52 percent of total exports in 2024, up from 30 percent in 2021. Asia now accounts for nearly 95 percent of Russia’s crude exports, with China as the top buyer followed by India.
The study further noted that despite mounting international pressure, India continues to deepen its defense cooperation with Russia, exploring opportunities involving the SU-57E stealth fighter, an advanced BrahMos missile variant, and the S-400 air defense missile system.
Russian President Vladimir Putin is set to pay a state visit to India from December 4–5 at the invitation of Prime Minister Narendra Modi. He will attend the 23rd India-Russia Annual Summit and hold bilateral talks. Ahead of the visit, Russia’s First Deputy Prime Minister and Co-chair of the India-Russia Intergovernmental Commission Denis Manturov said the visit marks a “return to the tradition of annual high-level summits” and a significant step toward deepening the strategic partnership.
“This will be President Putin’s first visit to India in a long period,” Manturov told ANI, noting that both sides have “thoroughly prepared the agenda” to ensure productive meetings on December 4–5.
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