In 2016 the GDP of Russia was $1.28 trillion and its GDP per capita was $ 232,000. Russia is also the 16th largest export economy in the world exporting USD 282 billions and imported goods worth $ 180 billion, with a positive trade balance of $102 billions.

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Russia's top exports of Russia are Petroleum Crude and Natural Gas, Refined Petroleum products, Timber and Wood products, Coal Briquettes, Raw Aluminum and Ferrous Metal products and  Alloys, Machinery and Equipment, Chemical products, Food-grains and Agro products, while top imports are Pharmaceuticals, Vehicles, various Industrial Machinery and Vehicle parts.

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Today, India's only exports any consequence to Russia comprise Pharmaceuticals, Chemicals, Aircraft and Vehicle parts, Meat, Seafood, Fabrics, Tea and Coffee. Imports from Russia mostly comprise Military, Nuclear and power generation hardware, Coke and Coke pitch, Dried Legumes, Coal Briquettes, Newsprint and Fertilizer. Most of the trade is undertaken either as an inter-government deal or handled by PSUs or large corporate. The SME sectors of both the countries have by and large failed to capitalize on the immense trade deficit between the countries.

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In Jan-June 2017 India’s exports to Russia was just $2.24 billion and imports $ 3.11 billion, primarily thanks to defense and nuclear contracts.

Compare this with tiny Panama across the Atlantic, whose foreign trade with Russia for the same period reached $ 7.75 billion, with imports of $ 2.74 Billion and exports worth $5 Billion. Or with Israel with export to Russia for the same 2 quarters were worth $ 3,89 Billion and imports stood at $1,47 Billion. Russia's trade with equally tiny Cyprus and Switzerland in the same time reached a turnover of $ 34 Billion and $32 Billion respectively.

For both the Corporate and SME sectors  of India as well as  Russia, this immense deficit in bilateral trade is too big a business opportunity to be ignored !