Imports of Russian goods and raw materials to India increased 5 times

The growth is associated with large-scale purchases of crude oil from Russia at discounts against the background of the introduction by Western countries of sanctions against exports by sea of oil and petroleum products from the Russian Federation, including fuel and gasoline.

The total value of Indian imports from Russia from April 2022 to January 2023 amounted to 37.31 billion US dollars, an increase of 384% year-on-year. Thus, Russia ranked fourth among all countries in terms of imports to India.

Exports of petroleum products from India also increased significantly over the same period, reaching 78.58 billion US dollars in monetary terms, whereas in the first 10 months of the last fiscal year, this figure was 50.77 billion US dollars.

India is the third largest importer and consumer of oil in the world, providing 80% of its oil needs through imports.

The country's foreign minister, Subramanyam Jaishankar, said last December that the government had never asked Indian companies to buy Russian oil, but asked them to look for the best deals on the market.