India’s imports from Russia has jumped about five times to USD 37.31 billion during April-January this fiscal on account of increasing inbound shipments of crude oil from that country, according to the commerce ministry data.
In 2021-22, Russia was India’s 18th largest import partner, accounting for USD 9.86 billion of imports.
Russia has become India’s fourth largest import source during the 10-month period of the current fiscal.
India’s appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades.
