Archive · 11 Sep 2026
Modi, Putin Advance Trade and Strategic Ties Amid Tariff Uncertainty
India’s Prime Minister Narendra Modi and Russia’s President Vladimir Putin met in New Delhi.
They discussed ways for the two countries to increase trade and business.
India and Russia want their annual trade to reach $100 billion by 2030.
They also talked about defence equipment, energy, nuclear power and critical minerals.
India wants to sell more products in Russia and help skilled Indian workers move there.
The leaders later attended a BRICS business session about digital businesses, smaller companies and entrepreneurship.
BRICS finance officials asked for developing countries to have a stronger voice in the IMF and World Bank.
They also supported using local currencies and improving payment systems between countries.
Their statement criticised tariffs and other trade measures that they said can hurt developing economies.
Narendra Modi and Vladimir Putin held 45-minute talks in New Delhi on expanding economic and strategic ties.
India and Russia are targeting $100 billion in bilateral trade by 2030 through greater industrial cooperation and expanded market access.
Discussions included defence, energy, civil nuclear cooperation, critical minerals, exports and skilled-worker mobility.
Possible defence matters included BrahMos upgrades, remaining S-400 deliveries and potential Su-57 fighter supplies.
BRICS finance officials urged greater emerging-market representation in global institutions and criticised unilateral trade measures.
- Who
- Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, BRICS finance ministers and central bank governors, and other officials including Piyush Goyal and Dmitry Peskov.
- What
- Modi and Putin discussed expanding trade, defence, energy, civil nuclear cooperation and strategic ties; BRICS officials discussed financial cooperation and global trade rules.
- When
- Modi and Putin met on Friday; BRICS finance ministers and central bank governors met on September 9 and 10. The article also cites tariff developments from April 2, 2025, February 20, 2026, February 24, 2026, and July 24.
- Where
- The bilateral talks took place in New Delhi, and the BRICS finance meeting took place in Mumbai.
- Why
- India and Russia seek broader economic and strategic cooperation, while BRICS members seek stronger financial cooperation and greater representation for developing economies.
BRICS and Developing Economies
United States Tariff Policy
Trade measures
BRICS and Developing Economies
BRICS members said unilateral tariffs and other trade-related actions distort trade, harm emerging markets and developing economies, and conflict with World Trade Organisation rules.
United States Tariff Policy
The United States under President Donald Trump pursued tariff measures, including a 10 percent tariff on most Indian exports under a Section 301 action related to forced labour.
Global economic governance
BRICS and Developing Economies
BRICS called for greater representation for emerging-market and developing economies in the International Monetary Fund and World Bank, including changes to quota and voting shares.
United States Tariff Policy
The articles describe the existing Bretton Woods institutions and BRICS’ reform demands, but do not state a separate United States position on those proposals.
- Bilateral meeting
- Modi and Putin held 45-minute talks in New Delhi.
- Trade target
- India and Russia aim to increase bilateral trade to $100 billion by 2030.
- Defence agenda
- Possible topics included BrahMos upgrades, remaining S-400 deliveries and potential Su-57 fighter supplies.
- Economic cooperation
- The discussions covered industrial cooperation, Indian exports, market access, critical minerals and skilled-worker mobility.
- Energy cooperation
- The agenda included additional Indian civil nuclear reactors, the nuclear fuel cycle and life-cycle support.
- BRICS financial position
- BRICS supported greater emerging-market representation in the IMF and World Bank, including changes to quota and voting shares.
- Trade concerns
- BRICS criticised unilateral tariffs and non-tariff measures as inconsistent with World Trade Organisation rules.
