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1 year of Ukraine war: Cheaper crude from Russia pushes India's import bill

Exports to Russia contracted 13.5 per cent at $2.2 billion during the first three quarters of the current fiscal year

Shreya Nandi New Delhi

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Photo: Bloomberg

3 min read Last Updated : Feb 24 2023 | 12:52 AM IST

In a year since Russia invaded Ukraine, Moscow has leapfrogged to become India’s fifth largest trade partner from 25th spot in FY22. Trade between India and the sanctions-hit Russia touched $35 billion during the April-December period. In contrast, the size of the trade was almost a fourth, at $9.1 billion, the data showed.

The expansion in the size of trade has been because of a fivefold increase in imports to $32.81 billion during the April-December period, dominated by discounted Russian crude oil. India imported 17.1 per cent of its total crude oil, making Russia the third-largest crude oil supplier to India, after Iraq, Saudi Arabia, and ahead of the United Arab Emirates (UAE) and United States.

Apart from oil, key imports from Russia include fertiliser, coal, soybean, and sunflower oil, though the share of crude oil is about two-third of the value of inbound shipments from the country at $21.8 billion.