India–Russia Business Opportunities: Market Overview

Over the past few years, India and Russia have significantly increased trade. Bilateral trade grew from $13 billion in 2020 to $68.7 billion. The countries now plan to increase it to $100 billion by 2030.
India buys oil, coal, fertilizers, metals and other raw materials from Russia. Indian companies supply medicines, chemicals, equipment, food products and consumer goods to Russia. They also provide IT and engineering services to Russian clients.

In December 2025, Narendra Modi and Vladimir Putin adopted Programme 2030. The programme is intended to support trade, investment and new joint projects. For Indian businesses, this creates additional opportunities.

Trade between the two countries has approached $70 billion, but most of it consists of Russian supplies to India. Indian goods still account for less than 2% of Russian imports. India therefore wants to increase supplies of medicines, equipment, food products, electronics, textiles and other goods to Russia.

Russian companies are looking for new suppliers. They need goods, equipment and components that used to come from other countries. Indian businesses can fill some of these niches if they offer the right price, reliable supplies and the necessary service. For example, a Russian factory may not need an entire production line, but specific pumps, electronic modules, tools or spare parts. An Indian manufacturer can start by supplying one type of component and then expand the range.

Import substitution is also creating demand for foreign technologies and components. A Russian company may manufacture the finished product locally while buying some equipment or raw materials from India.
Cooperation is also developing in new sectors. In August 2026, representatives of India and Russia discussed railway infrastructure, aviation, unmanned systems, 3D printing, fertilizers, critical minerals and industrial equipment.

Before entering the market, an Indian company should answer several questions:

• Who will buy the product?
• What alternatives are already sold in Russia?
• How much will the product cost after delivery and customs clearance?
• Are certificates or permits required?
• Will the banks be able to process the payment?
• Who will handle installation, warranty and repairs?

If the answers confirm that the project is viable, the company can move on to exports or a full market entry into Russia.

Indian companies supply medicines, chemicals, equipment, food products, textiles and consumer goods to Russia. IT companies develop software and provide technical support. Engineering companies take part in industrial projects.

Companies choose the model that best fits their business. An Indian manufacturer can sell goods to a Russian importer, sign an agreement with a distributor or open its own LLC in Russia.

For example, an Indian pharmaceutical manufacturer can supply products through a Russian importer after the medicines have been registered. An industrial equipment supplier can sell a machine and also arrange installation, employee training and the supply of spare parts.
Interest in Indian products in Russia continues to grow.

To start working with the market, a company needs to:

• choose a product or service for the Russian market;
• find a buyer or distributor;
• check the Russian partner;
• determine who will clear the goods through customs;
• prepare the required certificates and permits;
• agree the payment process with the banks;
• choose a delivery route.

India and Russia are also developing settlements in national currencies and new transport routes. This means that some transactions are increasingly being settled in rubles and Indian rupees through authorized banks, reducing dependence on the US dollar and simplifying payments between companies. At the same time, alternative logistics corridors are expanding, including sea routes through Iran and Oman, as well as land and multimodal supply chains through Central Asia. These options can shorten delivery times, reduce logistics risks and make trade more resilient to external restrictions.

Indian companies can sell goods and services to Russian clients. They can also open an LLC, hire employees and operate in Russia. The process starts with reviewing the specific transaction.

Before starting shipments, the company needs to determine:
• which rules apply to the product and its components;
• whether there are any restrictions affecting the buyer or its owners;
• whether the banks will be able to process the payment;
• who will import the goods;
• which certificates will be required;
• who is responsible for delivery and insurance;
• which taxes will apply to the parties.

For example, an Indian cookware manufacturer can send a trial shipment to a Russian importer. The importer will clear the goods through customs and supply them to local stores. An industrial equipment manufacturer may need a different model. If the company plans to keep spare parts in Russia, hire engineers and service customers locally, it should open an LLC.

The Russian market offers opportunities for Indian manufacturers and service companies. The first step is to look at sectors where India already has strong capabilities.

Industrial equipment and components
Russian factories need equipment, tools, components and spare parts. This creates opportunities for Indian industrial manufacturers.
For example, an Indian company can supply pumps, valves, bearings, cables or parts for equipment repairs. It can start with a small shipment and then move to regular supplies and service support.

Pharmaceuticals and medical products
India is a major producer of medicines, pharmaceutical ingredients and medical products. Russian companies are interested in new suppliers in this sector.

An Indian manufacturer can supply finished medicines, components for pharmaceutical production, medical consumables or equipment. To start sales, the products need to be registered and a Russian importer must be found.

IT, software and digital services
Russian companies continue to automate manufacturing, sales and internal processes. This is increasing demand for software development, corporate system implementation and technical support. For example, an Indian IT company can develop software for a Russian factory or online store and provide support from India. For ongoing work with large clients, the company should open an LLC.

Food and agricultural products
Indian suppliers sell tea, coffee, spices, rice, fruit, food products and food ingredients in Russia. The opportunity comes from the wide range of Indian products and Russian buyers' interest in new goods. For example, a supplier can start with a trial shipment of tea or spices to a Russian distributor.
Before shipment, Russian-language labeling and product documents need to be prepared.

Consumer goods
There is demand in Russia for Indian textiles, clothing, cosmetics and household goods. Indian manufacturers can offer a wide range of products at competitive prices. Before shipment, the supplier needs to calculate how much the product will cost in Russia. Delivery, customs duty, VAT, certification and warehouse storage are added to the price in India. The resulting amount is then compared with competitors' prices. This helps the supplier determine a viable price and an appropriate size for the first shipment.

Professional and engineering services
Russian companies need specialists for design, equipment commissioning and production automation. This creates opportunities for Indian engineering and consulting companies.

For example, an Indian team can prepare drawings, help install equipment and train employees at a Russian factory. Part of the work can be done from India, with specialists traveling to Russia only for the project launch.

Logistics and B2B services
As India supplies more goods to Russia, demand grows for transportation, warehousing, customs clearance and certification. This creates opportunities for logistics companies, customs representatives and other B2B service providers.

Companies that can handle complex goods are especially in demand. For example, medicines must be transported at a specific temperature and accompanied by a complete set of documents.

Local business setup
An Indian company can open an LLC to sell goods directly to Russian clients, hire employees, open a bank account and rent a warehouse or office. This model is suitable for regular sales and long-term work in Russia. A company can start with a trial shipment and move to a local presence once demand has been confirmed.

An Indian company can start with direct exports or open an LLC. The choice depends on how often the company plans to sell in Russia and whether it needs a local office.

Direct export
Direct export is suitable for initial and small shipments. The Indian company sends the goods to a Russian importer. The importer clears them through customs and sells them in Russia. For example, a tea manufacturer can send a trial shipment to a Russian buyer and test demand.

Russian LLC
An LLC is suitable for regular work in Russia. The company can open a bank account, hire employees, rent a warehouse and enter into contracts directly with Russian clients. For example, after several successful shipments, an equipment manufacturer can open an LLC and set up a service center in Russia.

Large companies can also open a branch or representative office. A branch is used to carry out projects, while a representative office is generally used for negotiations and business promotion.

Before the first shipment, the company needs to check the partner, contract, payment and product documents. This review helps protect the company's money and avoid delivery delays.

Check the russian partner
First, make sure the Russian buyer is genuinely operating and will be able to perform the contract. Check the company's registration, director, owners, debts and court disputes. Also check whether there are any restrictions affecting the company or its bank.

For example, a buyer asks you to ship the goods, but the contract is signed by a manager. In this case, request a power of attorney and make sure the manager is authorized to sign the documents.

Prepare the contract
The contract is needed so that the seller and buyer understand the transaction terms in the same way. It should state the goods, price, currency and payment deadline. It should also specify who is responsible for delivery, customs clearance, certificates, acceptance of the goods and warranty service.

For example, if the shipment is delayed at customs, the contract should make clear who will prepare additional documents and pay storage costs.

Agree on payment
Before shipping the goods, make sure the Russian buyer will be able to transfer the money to the Indian supplier. The seller and buyer should show the draft contract to their banks and confirm the payment currency, required documents and review timeline. This helps them choose a workable payment structure in advance.

Check sanctions and product restrictions
The review helps confirm that the product can be shipped to the selected buyer through the agreed banks and route. The Russian company, its owners, banks, the product, its components and the end user should be checked.

Prepare customs and oroduct documents
Product documents are needed so that the goods can clear customs and be sold in Russia. First, determine the product code. Then check which certificates, permits and labeling will be required.

For example, equipment may require a certificate of conformity, medicines may require registration, and food products may require composition and labeling documents.

Calculate taxes
Calculating taxes and expenses shows how much the product will cost after import into Russia. Add customs duty, VAT, delivery, certification and storage to the product price. This helps set the price for the Russian buyer in advance. If an Indian company opens a Russian LLC, it will also need Russian accounting and tax reporting.

Entering the Russian market can be divided into ten clear steps.

1. Choose what to sell
Choose a specific product or service for the Russian market. For example, instead of offering the entire industrial equipment catalog, start with a specific type of pump or spare part.

2. Check demand
Find Russian companies that may need your product. Compare competitors' prices and offers. This will show which product is worth offering first.

3. Check restrictions
Check the product, its components, the buyer and the banks. This will help you choose a workable supply and payment structure.

4. Choose how to work
For the first shipment, you can work through a Russian importer. For regular sales, your own LLC may be more suitable.

5. Check the russian buyer
Make sure the partner company is officially registered, operating and able to perform the contract. Check the director, owners, debts and court disputes.

6. Prepare the contract
State the product, price, payment deadline and delivery terms in the contract. Also specify who is responsible for customs clearance, certificates and acceptance of the goods.

7. Agree on payment
Before shipping the goods, show the proposed transaction to the Indian and Russian banks. Confirm the currency, payment timeline and required documents.

8. Prepare delivery and product documents
Determine the product code, required certificates and labeling rules. Then choose a carrier and agree the delivery route.

9. Calculate the full budget
Add delivery, customs duty, VAT, certification, insurance and storage to the product price. This will show the final cost of the product in Russia.

10. Start with a pilot
Start with a small shipment or a limited first project. After a successful transaction, you can increase supplies or open an LLC.

Legal support can help prepare documents in advance, protect payments and avoid shipment delays. It is especially useful in the following cases:

Starting an LLC
A lawyer will prepare the company registration documents and help with the legal address, bank and accounting.

Exporting goods to Russia
A lawyer will check which certificates and permits are required for the product and who needs to obtain them.

Working with a new partner
A lawyer will check the Russian buyer, its owners, debts and authority to sign the contract.

Preparing a Contract and Payment
A lawyer will set out the price, deadlines, delivery terms and the parties' obligations. They can also help coordinate the payment structure with the banks.

Choosing a business model
A lawyer will compare direct exports with opening an LLC.

Checking taxes and restrictions
A lawyer will review taxes, customs rules, banks, the product and the parties to the transaction.

For example, when supplying equipment, a lawyer can determine in advance who will obtain the certificate, clear the goods through customs and pay storage costs if the shipment is delayed.