As key BRICS members, India and Russia advocate for more substantial representation of emerging economies in global institutions such as the International Monetary Fund (IMF), the United Nations (UN), and the World Bank. Economic ties between the two countries have strengthened considerably, with India emerging as Russia’s second-largest trading partner in the wake of the Russia-Ukraine war. With bilateral trade increasing 1.8 times from 2022, total trade between India and Russia reached US $65 billion in 2023, positioning Russia as India’s fourth-largest trading partner, even though trade imbalances continue to pose challenges.
India’s increased reliance on discounted Russian oil aligns with BRICS’ broader push for de-dollarisation and strengthened South-South economic cooperation. Additionally, Indo-Russian defence ties have also long been a pillar of their bilateral relationship. Russia remains India’s most prominent defence supplier, accounting for 36 percent of total arms imports in 2023. Regular military exercises such as INDRA, AVIA INDRA, and INDRA NAVY enhance operational synergy.
> https://www.orfonline.org/expert-speak/india-russia-synergy-in-brics-economic-allies-strategic-partners
