Russian Imports: Russia is the largest exporter of crude oil. Indian imports from sanctions-hit Russia surged 3.5 times in a year in April reaching $2.3 billion due to the rise in crude oil purchases. India imported crude oil from Russia worth $1.3 billion in April. Moreover, 57% of its inbound shipments are from Russia only.
As well as during the same month, coal, soybeans and sunflower oil, fertilizers, and non-industrial diamonds, other items in large quantities were imported. Furthermore, Russia stood as the fourth-largest petroleum supplier to India.
On the other hand, Iraq, Saudi Arabia, and the United Arab Emirates ( UAE) stood before Russia in crude oil suppliers.
Among the top six import partners in April, Russia was the sixth-largest. On an overall basis, Russian imports ranked 21st among India’s import partners during the same month last year. Moreover, it was the 7th largest source of crude oil for India.
According to the source, as a trading partner, Russia was the 9th largest one to India in the month of April with a size of trade of $2.42 billion.
Moreover, Year-on-Year basis, the value of outbound shipments to Russia decreased by 59% to $96 million in April. During the month, the most common exports to Russia were industrial machinery, components for automobiles, and iron and steel.
Due to its long-standing relationship with Russia, India remained neutral despite pressure from the West. Indian trade with Russia was also criticized despite economic sanctions imposed on the country.