"Expect significant increase in trade numbers," says Olga Kulikova, Ambassador of Business Russia

The discussions are expected to focus on strategic trade resilience, cross-border payment mechanisms, energy security, and conflict-resolution pathways regarding ongoing geopolitical tensions in Eastern Europe and West Asia.

Olga Kulikova, Ambassador of Business Russia to India says Russia looks forward to a significant increase in trade numbers between the two countries.

"We do really look into the increase of the bilateral trade because we see very big potential for the Indian companies to come to the Russian market because now there is a gap in mutual trading. We think that Indian companies should come more to the Russian market and promote themselves because by promoting themselves Russian companies would know the potential and the capabilities of what Indian companies can offer. We expect that there will be a significant increase in trade numbers," she said.

The bilateral meeting between PM Modi and President Putin will see India and Russia sign a memorandum of understanding (MoU) to connect their domestic payment networks, enabling users in the two countries to make cross-border payments using their respective national systems

BRICS Pay will facilitate cross-border digital payments in local currencies by connecting the existing national payment systems of member and partner countries, allowing travellers, students and businesses to transfer money more quickly.

"We're really looking forward to the BRICS currency because it will definitely ease the trade and would also allow increase in travel between the countries and we think that this is one of the biggest opportunities our countries. We see that this will definitely help to improve our trade relations and will benefit all countries, " said Olga Kulikova.

President Putin and PM Modi will also visit the INNOPROM exhibition organised by the two countries ministries of industry and trade later today. Olga Kulikova says the expectation is that there will be a significant increase in trade.

"We expect that some of the barriers that are still there will be erased. We think that this step-by-step process that is being taken will bring us very positive results and really increase trade," he said.

India hosts the 18th BRICS Summit in New Delhi on September 1213 September 2026. It will mark Indias fourth Chairship of BRICS in 2026. Indias Chairship is guided by the theme Building for Resilience, Innovation, Cooperation and Sustainability. The theme reflects Indias focus on strengthening existing achievements and institutional effectiveness. It places development, sustainability and innovation at the heart of the agenda. It also highlights the aspirations of the Global South. India seeks to reinforce BRICS as a constructive and solutions-oriented forum. (ANI)