Russia Exports Soar 64% to India

In a significant shift, India's experienced a remarkable 64% surge, reaching USD 36.27 billion during the April-October period of the current fiscal year.

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This surge can be attributed to increased shipments of crude oil and fertilizers, as per data released by the commerce ministry.

Russia has now secured its position as India's second largest import source, surpassing the imports from countries like China and the United States during the first seven months of the fiscal year. In the corresponding period of the previous year, the imports from Russia stood at USD 22.13 billion, showcasing a substantial increase. Before the Russia Ukraine conflict, Russia held a market share of less than 1% in India's import basket. However, in the aftermath of the conflict, Russia's share of India's oil imports has surged to over 40%. This shift is notably significant as India, being the world’s third-largest crude importer after China and the United States, has turned to Russian oil after some Western countries imposed sanctions, avoiding it as a form of punishment for Russia’s invasion of Ukraine.