EAM S. Jaishankar, during his Moscow visit, raised concern over the $58.9 billion trade deficit with Russia, stating, “We need to address that urgently,” despite a fivefold surge in bilateral trade since 2021.

New Delhi, India and Russia should come out with a creative and innovative approach to confront complex geopolitical challenges, External Affairs Minister S Jaishankar said on Wednesday amid increasing strains in New Delhi's ties with Washington over its purchase of Russian crude oil.

Russia welcomes Chinese Foreign Minister's visit to India, highlighting strong India-Russia energy trade and defense cooperation.

"The odds of a peace deal are rising, which would very likely lead to easing sanctions on Russian oil product,s moving global supplies to more of a surplus," Dennis Kissler of BOK Financial said in a note.

Russian diplomat Roman Babushkin, in a press briefing, laid out the red carpet for India to export its products to Russia amid punitive US tariffs while castigating Trump for humiliating its 'friends'.

The trade deal talks with EAEU were stalled in early 2022 after the Ukraine war. The grouping comprises Armenia, Belarus, Kazakhstan, Kyrgyz Republic, apart from Russia.

The ongoing Russia-Ukraine conflict serves as a pivotal laboratory for modern warfare, offering crucial strategic and tactical insights particularly relevant for India's national security

U.S. Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from its sharply increased purchases of Russian oil during the war in Ukraine, saying Washington viewed the situation as unacceptable.