India's trade deficit with Russia continued to widen for the seclion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi's largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi's visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi's first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.
Trade and economic issues, including a trade balance in favour of Russia, non tariff barriers and payments and logistics-related issues are likely to be taken up during the visit.
Ahead of the official visit, foreign secretary Vinay Mohan Kwatra had said that the issue of 'imbalanced' trade will be a priority for India during discussions with Russia.
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