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Ahead of Russian President Vladimir Putin's India visit, Kremlin's apex bank, Central Bank of Russia, has opened a representative office in Mumbai.

The Moscow headquartered bank expects its presence in India to strengthen and promote the interests of the Russian financial sector in a key international area.

"It [the representative office] will serve as a link between regulators and financial market participants in Russia and India, creating conditions for mutually beneficial cooperation between the two countries," the Central Bank said.

This announcement comes ahead of the highly-anticipated Modi-Putin meet in India, where the world leaders are expected to strengthen trade and defence ties at large, including the procedure to make sure the safe passage of return for Indian nationals enrolled in the Russian military. 

Currently, both nations are also working upon a labour mobility agreement that will enable Indian skilled and semi-skilled professionals to work in Russia’s construction, healthcare and hospitality sectors. 

The other issues to be tabled include the civil nuclear cooperation with Russia, sharing small modular reactor technology, finishing existing nuclear plants, and building trade corridors and sea routes.

Recently, Dmitry Peskov, Spokesperson for the President of Russia, noted that the trade volume has grown to $63 billion and expressed confidence that it will reach $100 billion by 2030. 

Another key focus area during the Modi-Putin meet will be the utilisation of the Chennai-Vladivostok Maritime Corridor, which enhances bilateral trade via a sea route connecting Chennai to Vladivostok, Russia. This sea trade route spreads across 10,300 kilometres (kms). 

The Chennai-Vladivostok Maritime Corridor (CVMC) aligns with India's Act Far East Policy and Russia’s Greater Eurasia vision, bridging the Atlantic and Pacific regions.

While countering China’s influence in strategic regions like the South China Sea and the Arctic, it also provides an alternative to the Red Sea route, therefore, allowing cargo to bypass bottlenecks in traditional routes.