Finance Minister Nirmala Sitharaman engaged in discussions with a Russian delegation led by First Deputy Prime Minister Denis Manturov in New Delhi today. The meeting, held on December 4, 2025, covered a range of topics of mutual interest, including investment, banking, and finance.
Both India and Russia have expressed optimism for productive outcomes from the 23rd India-Russia Annual Summit, scheduled for December 5, 2025. Manturov conveyed strong support for India's upcoming chairmanship of BRICS.
Manturov is accompanying Russian President Vladimir Putin on a two-day official visit to India, at the invitation of Prime Minister Narendra Modi. This marks Putin's first visit to India in four years. The First Deputy Prime Minister's delegation included key figures such as Minister of Economic Development Reshetnikov Maxim, Finance Minister Siluanov Anton, and Chairman of the Central Bank Nabiullina Elvira.
Kremlin spokesperson Dmitry Peskov said that New Delhi's crude oil purchases from Russia might see a temporary decrease due to Western sanctions; however, Moscow is taking steps to enhance supplies. India is also looking to increase its pharmaceutical exports to Russia following the signing of a free trade agreement with the Eurasian Economic Union.
In related events, Agriculture Minister Shivraj Singh Chouhan met with his Russian counterpart, Oksana Lut, to explore ways to strengthen cooperation in the agriculture sector, boost farm trade, and explore modern farming opportunities. Furthermore, discussions on defense cooperation took place, with India reaffirming its commitment to developing its indigenous defense industry for both local production and exports. New opportunities for collaboration in niche technologies were also highlighted. Both sides emphasized that the India-Russia relationship is built on trust, shared principles, and mutual respect.
Putin stated that Russia and India have developed an ambitious plan for future cooperation, including technology, space, and nuclear energy. The two countries are expected to sign a mobility agreement that will enable Indian semi-skilled and skilled workers to find employment in Russia, particularly in the healthcare and construction sectors. Russian lenders Gazprombank and Alfa-Bank have applied for clearance to operate in India, and Russia's central bank has established an office in Mumbai.
