News-CRUX-10     10th July 2024        

Context: India and Russia have committed to increasing bilateral trade to surpass $100 billion by 2030, focusing on bolstering investments, using national currencies for trade, and expanding cooperation across energy, agriculture, and infrastructure sectors.

India - Russia Relations

  • Historical Relation: Russia has been a longstanding partner for India, with bilateral relations forming a crucial pillar of India's foreign policy since the signing of the “Declaration on the India-Russia Strategic Partnership” in 2000.
  • Political Relations: The India-Russia Intergovernmental Commission facilitates cooperation in trade, economic, scientific, technological, cultural, and military domains. The 2+2 Dialogue enhances high-level engagements.

oSupport for UNSC seat to India: Russia has also supported India’s claim for a permanent seat in UNSC and stood by India on the J & K issue thereby blocking Pakistan’s attempt to internationalize the issue.

  • Economic Cooperation: India-Russia trade hit a record $39.8 billion in 2022–23. The surge in bilateral trade came in the backdrop of India’s huge purchase of discounted Russian oil.

oMutual goals by 2025: Both countries aim to increase bilateral investment to US$50 billion and bilateral trade to US$30 billion by 2025.

  • Defence and Security Cooperation: India and Russia maintain extensive defence cooperation, highlighted by agreements on military technical cooperation and joint production projects like S-400 systems and BrahMos missiles.
  • Cultural Cooperation: Cultural ties are reinforced through increasing Indian film screenings and the widespread popularity of yoga in Russia, highlighted annually on the International Day of Yoga with large public gatherings.
  • Nuclear Cooperation: The Department of Atomic Energy (DAE) of India and Russia's Rosatom signed a strategic vision document in December 2014 to strengthen cooperation in peaceful atomic energy applications.

oRussia has constructed two nuclear power plants at Kudankulam, and agreements have been signed for the construction of additional units.