Moscow wants to further develop its economic ties with its key trade partners, China and India, President Vladimir Putin said at the ‘Russia Calling!’ investment forum on Tuesday.

Beijing and New Delhi have refused to join Western sanctions against Moscow over the Ukraine conflict and have instead boosted trade with Russia. The Russian leader hailed what he called a “rational and pragmatic” approach to cooperation taken by the two countries.

Putin paid tribute to “many years of friendship and strategic partnership” with both China and India, adding that the volume of trade with each has “significantly grown” over the past three years.

“We are aiming at taking cooperation with the People’s Republic of China and the Republic of India to a whole new level, including through enhancing its technological aspect,” Putin stated.

Russia and China nearly doubled their bilateral trade from 2020 to 2024, surpassing $240 billion last year. Last month, Russian Finance Minister Anton Siluanov said that the two nations had abandoned Western currencies in mutual settlements, with most payments now conducted in rubles and yuan.

Last month, Moscow and Beijing published a joint roadmap for further developing bilateral ties. They vowed to provide mutual assistance on issues ranging from agriculture, trade, ecology, and investment to AI and space exploration.

India’s exports to Russia are currently worth $5 billion, while imports from Russia amount to $64 billion. The countries are aiming to increase bilateral trade to $100 billion by 2030. Russia is also expanding joint production with India in many areas, both military and civilian.

Earlier on Tuesday, Kremlin spokesman Dmitry Peskov said that Moscow is also ready to share its technological knowledge with New Delhi. “Whatever can be shared with India, will be shared,” he said.

Putin is expected to discuss the joint production of Russia’s fifth generation Sukhoi Su-57 fighter jets with Indian Prime Minister Narendra Modi during his trip to India later this week.