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Following their meetings at last weeks Heads of State summit of the Commonwealth of Independent States, Russian President Vladimir Putin has additionally spoken with Uzbek President Shavkat Mirziyoyev by phone.
They discussed current matters on the bilateral agenda, including the promotion of major joint projects in the trade, investment and energy sectors, and said they are pleased with close practical cooperation between key agencies of the two countries.
The two leaders reaffirmed their commitment to further strengthening Russian-Uzbek allied relations and agreed to continue contacts.
The Uzbek presidential press service had earlier reported the conversation, saying that matters of advancing and fostering Uzbek-Russian “relations of comprehensive strategic partnership and alliance in the context of the practical implementation of agreements at the top level” were discussed.
2025 bilateral trade between Uzbekistan and Russia reached US$8.3 billion in the 8-month period January-August, reflecting a 6.4% uptick relative to the US$7.8 billion recorded in the same timeframe during 2024. Russia is Uzbekistan’s second largest trade partner after China. The goal is to reach US$30 billion in trade turnover by 2030, in alignment with the economic priorities set by both Presidents. Achieving that may be difficult as it implies a 20% compounded trade growth rate per annum over the coming years.
A more realistic date may be 2035-40, when the China-Kyrgyzstan-Uzbekistan railway is set to be completed and will allow Uzbekistan to position itself as a transit route, adding value to products to and from China. Other investment projects such as the yet to be decided Trans-Afghan Railway would also have an impact as its completion would provide Gulf Port access to Uzbekistan via Pakistan and the INSTC. Other, perhaps more immediate bilateral trade developments should occur as and when Uzbekistan becomes a member of the Eurasian Economic Union, which will reduce trade tariffs and unify customs procedures.
Uzbekistan and Russia have a longstanding free trade agreement since 1993, which allows tariff-free trade on goods, reinforcing close economic ties. As mentioned, Uzbekistan is also in ongoing FTA negotiations with the Eurasian Economic Union. A sign that an agreement here might be close is that Uzbekistan recently took an equity share in the Eurasian Development Bank.
Russia and Uzbekistan have a significant trade relationship with Russia exporting energy, machinery, and food to Uzbekistan, which in turn exports gold, cotton yarn, and fertilizers to Russia. The trade mix includes a substantial volume of raw materials and agricultural products. Russia is also involved in developing Uzbekistan’s oil production sector and is in discussions over upgrading nuclear power facilities.
Uzbekistan’s total trade turnover reached US$51.4 billion in January-August 2025, a nearly 20% increase from the previous year. Other significant trade partners include Kazakhstan, Turkiye, South Korea, and France.
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