India-Russia Trade Grows Nearly 12- Fold in a Decade, Driven by Soaring Oil Imports

Bilateral trade between India and Russia has seen an almost twelvefold surge over the past decade, soaring from approximately $6 billion in 2013 to around $66 billion in the fiscal year 2023-24, according to the Ministry of Commerce and Industry.

- Moneycontrol

This massive leap has been primarily fueled by an unprecedented rise in oil imports from Russia, signaling a strategic pivot in the economic relationship between the two nations. In FY 2023-24 alone, India imported crude and refined petroleum worth $54 billion from Russia, a dramatic increase from just $5.2 billion in 2020-21. This energy trade has become the cornerstone of India-Russia ties, with India now ranking as the top global buyer of Russian oil. The momentum was further cemented by a landmark deal between Russia's Rosneft and Reliance Industries, under which India will import 500,000 barrels of crude oil per day — valued