PM Modi’s Visit to Russia: Andrey Kostin and Alex Repik Discuss Trade Opportunities

During Prime Minister Narendra Modi’s visit to Russia, Andrey Kostin, the CEO of VTB Bank, emphasized the need for India to increase its exports to Russia. VTB Bank, Russia’s second-largest bank, has had a branch in Delhi since 2008. Kostin noted that while India imports many goods from Russia, including oil, there is a lack of Indian goods in Russia.

Alex Repik, Chairman of Business Russia and founder of Artpharm, welcomed the Indian delegation and highlighted the importance of increasing business contacts between the two countries. Repik mentioned that his company has long-standing partnerships with Indian companies like Dr. Reddy’s and Sun Pharma.

Prime Minister Modi was awarded the Order of St Andrew the Apostle the First-Called, Russia’s highest civilian honor, at the Moscow Kremlin. He also announced the opening of new Indian Consulates in Kazan and Yekaterinburg. Modi’s visit included a bilateral meeting with Russian President Vladimir Putin, where they discussed strengthening ties between India and Russia.

Earlier, Modi and Putin held an informal meeting at the President’s House. This visit marks the 22nd India-Russia Annual Summit, and the leaders have met 16 times over the past decade, with their last meeting at the SCO Summit in Uzbekistan in 2022.