Finance Minister Sitharaman Meets Russian First Deputy PM Manturov, Reviews Bilateral Investment Treaty Talks

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Friday met Russian First Deputy Prime Minister Denis Manturov in New Delhi, with the two sides discussing ways to further expand economic cooperation and strengthen bilateral financial ties. The meeting was held on the sidelines of the 18th BRICS Summit, which is being hosted by India. According to the Ministry of Finance, the discussions focused on measures that could deepen economic engagement between the two countries and create new opportunities for cooperation.

A major focus of the meeting was the proposed Bilateral Investment Treaty (BIT). India and Russia agreed to move forward with negotiations on the agreement, which is aimed at creating a mutually beneficial framework to encourage investment flows and provide greater support for economic engagement between the two countries.

Sitharaman and Manturov also discussed possibilities for expanding cooperation in financial services. The sector has emerged as an important area of India-Russia economic engagement as both countries seek to strengthen their broader commercial relationship. The meeting comes as India and Russia continue efforts to expand economic ties across several sectors. While the two countries have traditionally maintained close cooperation in areas such as energy and defence, investment, financial cooperation and trade-related mechanisms are becoming increasingly important to their economic relationship.

The discussions also coincided with Russian President Vladimir Putin's arrival in New Delhi for the BRICS Summit. Putin was received by Union Minister of State for External Affairs Kirti Vardhan Singh following his arrival in the national capital. Putin is scheduled to hold bilateral talks with Prime Minister Narendra Modi, with discussions expected to cover a range of strategic and economic issues. Among the areas likely to receive attention are trade resilience, cross-border payment mechanisms, energy security and developments related to ongoing geopolitical tensions in Eastern Europe and West Asia.

During his visit, Putin is also scheduled to accompany Prime Minister Modi to the INNOPROM exhibition in New Delhi. The industrial and trade exhibition has been organised through cooperation between the relevant ministries of India and Russia and is expected to highlight opportunities for closer industrial and commercial engagement.

India is hosting the 18th BRICS Summit in New Delhi on September 12 and 13 under its 2026 BRICS Chairship. The country's chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability,” with development, sustainability and innovation forming key areas of focus. BRICS has developed into an important platform for cooperation among major emerging economies. Its discussions cover a broad range of issues, including finance, trade, technology, energy, sustainable development and people-to-people exchanges. The grouping also provides a forum for members to coordinate on issues of importance to the Global South and discuss reforms in international institutions.

The expanded BRICS grouping currently includes Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates. Collectively, these countries account for nearly half of the world's population, around 40 per cent of global GDP and about 26 per cent of global trade, according to background information released in connection with India's 2026 BRICS Chairship.

India's leadership of BRICS comes at a time of significant changes in the global economic and geopolitical landscape. Supply-chain disruptions, technological advances, climate challenges, resource pressures and geopolitical uncertainty are reshaping international economic relations. Against this backdrop, New Delhi is seeking to use its BRICS chairship to promote practical cooperation in areas such as development, technology, energy, climate action and financial resilience. The larger membership of the grouping also presents an opportunity to strengthen cooperation among emerging economies and give greater representation to the priorities of the Global South.

The meeting between Sitharaman and Manturov therefore assumes significance as India and Russia look to broaden their economic partnership. Advancing negotiations on the Bilateral Investment Treaty could provide an additional framework for encouraging investment and strengthening long-term economic engagement between the two countries.

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