Today, India is effectively an indispensable hub for Russian business. In 2025, trade turnover between Russia and India exceeded USD 60 billion, firmly establishing India as Russia’s second-largest foreign trade partner.

Alexander Panov, Managing Partner at VERBA LEGAL, and Artem Elistratov, Counsel and Head of International Asset Structuring Practice, spoke with Legal Insight about the opening of VERBA LEGAL’s office in Mumbai, the most common business requests, the main challenges of operating in India, and the prospects of the Indian market for Russian businesses.

“If we are talking about major resources and strategic partnerships, India — as the world’s fourth-largest economy and a country friendly to Russia — is currently virtually irreplaceable. The only real alternative is China, and even then not across all sectors. Therefore, our partnership will only continue to strengthen.”
— Alexander Panov

“Large sectors of the Indian economy are expected to become more accessible to foreign players. However, it is important to understand the local specifics: restrictions exist not only at the federal level but also at the state level, where powers often overlap or remain unclear. In this regard, alongside broader market access, we expect greater systematization of permitting procedures. At present, investors are often uncertain whether project approval depends on federal or regional authorities. There are still numerous regulatory barriers, and streamlining them has become a pressing necessity. This is why monitoring these two areas — sectoral limitations and administrative procedures — is particularly important today.”
— Artem Elistratov

Please find the full interview attached.