New Delhi: Russian Finance Minister Anton Siluanov said he is confident that India and Russia can achieve their shared target of USD 100 billion in bilateral trade by 2030, highlighting rapid growth in recent years and deepening cooperation across key sectors.
Speaking to Russian outlet Izvestia, Siluanov said the opening of VTB Bank’s new flagship office marks an important step toward building stronger financial infrastructure to support rising trade volumes. He stressed that easier settlement mechanisms will further strengthen economic engagement between the two nations.
“Today’s event, the opening of the VTB Bank flagship office, is just one step towards achieving this goal. The more opportunities there are for settlements, the simpler trade and economic relations will be carried out,” he said.
Siluanov also noted how bilateral trade has grown faster than expected. “In 2018, Vladimir Vladimirovich set a target of USD 30 billion, and today trade turnover stands at USD 68 billion. We achieved this twice as fast due to growing cooperation—whether in machinery, equipment, investments, or rising travel between our countries.”
He highlighted strong progress in sectors such as military-technical cooperation, energy trade and industrial partnerships. According to him, Russia is also working to increase imports from India as directed by President Putin.
“The simpler the settlements, the greater the trade turnover, investments and tourism between our countries,” Siluanov added.
His remarks come ahead of President Vladimir Putin’s arrival in New Delhi for a two-day State visit and the 23rd India-Russia Annual Summit.
