External Affairs Minister S Jaishankar met Russian Foreign Minister Sergey Lavrov in Moscow on Thursday, where both leaders reviewed their bilateral relations and spoke about preparations for the annual summit later this year.

During the meeting, Jaishankar said, "Today's meeting gives an occasion to discuss our political relations as well and also our bilateral ties. ..We now prepare for the annual summit at the end of the year. Our leaders have always given us guidance to take forward our special strategic relationship."

He added that both sides held detailed discussions on cooperation. "We discussed a lot of issues in our bilateral cooperation and found a lot of solutions as well. I want to take bilateral discussions forward so that we have the maximum outcomes when we have the annual summit," Jaishankar said.

Placing the talks in a broader context, he stated, "The global context for our meeting is provided by the evolving geopolitical situation, shifting economic trade landscape, and our shared goal is to maximise our complementarity."

Lavrov welcomed Jaishankar to Moscow and underlined the importance of multilateral groupings in global affairs. "...This is a multipolar system of international relations with an increasing role played by SCO, BRICS and G20...I hope for fruitful talks today," the Russian Foreign Minister said.

The discussions were also held at a time when trade and economic cooperation between India and Russia is expanding. Russia’s Deputy Prime Minister Denis Manturov said after his meeting with Jaishankar that trade between the two nations had risen by 700 percent in the last five years, with India now ranked among Russia’s top three trading partners.

The Russian Embassy in India also posted on X, "RUSSIA-INDIA trade turnover SURGED #700% over the past 5 years." The post added, "India is now in the TOP 3 of Russian trading partners, says Russian Deputy PM Denis Manturov" after meeting with EAM Jaishankar.

Jaishankar is on a three-day visit to Russia. Along with co-chairing the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, he will also attend the India-Russia Business Forum in Moscow.

Earlier, during his official visit, he paid tribute at the Tomb of the Unknown Soldier, laying a wreath in memory of those who died in the Great Patriotic War, which began on June 22, 1941, when German forces attacked the Soviet Union during World War II, and ended on May 8, 1945, when Germany surrendered.

He also joined the 26th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.

In a post he wrote, "Co-chaired an extremely productive 26th India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation IRIGC-TEC along with First DPM Denis Manturov of Russia today. We had detailed discussions on our cooperation in a wide-ranging arena, including the trade & economic sector, agriculture, energy, industries, skilling, mobility, education and culture. As we meet in the backdrop of a complex geopolitical situation, we made the following suggestions to make the IRIGIC-TEC an even."

Jaishankar said the commission is a key platform to prepare for the annual summit, which is expected to take place at the end of this year.

He also highlighted that bilateral trade in goods between India and Russia has increased sharply, rising more than five times from $ 13 billion in 2021 to $ 68 billion in 2024-25, but stressed that the trade imbalance needs urgent attention.

"We are meeting here after about 10 months since the last Session in November 2024 in New Delhi, and I think this is perhaps the shortest interval between the two sessions that we have ever had. Over the last four years, our bilateral trade in goods has increased, as you have noted, more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25, and it continues to grow," Jaishankar said.

"However, a major trade imbalance has accompanied the growth, it has increased from USD 6.6 billion to USD 58.9 billion, which is about nine times. So, we need to address that urgently," he added.