India’s overall imports from Russia increased by 400% (year over year) to $32.88 billion in April–December 2022, making it the country’s fourth-largest crude oil supplier. According to data made public by the Commerce and Industry Ministry, the Ukrainian situation led to a rise in the sourcing of discounted crude. Russia ranked as India’s eighteenth-largest trading partner in 2021–2022, contributing $9.86 billion in imports. According to estimates from the Commerce Department, Russian crude supply to India is expected to be $19.23 billion between April and November 2022, making it the third-largest supplier after Iraq ($24.39 billion) and Saudi Arabia ($20.65 billion).
On the other hand, due to challenges with market access and standards, India’s exports of commodities to Russia fell 14.22% to $1.87 billion between April and November 2022. The Russian government, the Indian embassy in Russia, and several export promotion organisations are being consulted by the Commerce Ministry to attempt and resolve the issue.
“The country would already want to purchase more from India to utilise the rupee payment it receives for oil once the rupee trading mechanism with Russia is fully operating. According to the source, India is optimistic that its exports to Russia will soon begin to increase. The most reported data from energy cargo tracker Vortexa, which noted that Russia supplied 1.19 million bpd of crude oil to India in December alone, is essentially consistent with the figures for oil imports from Russia. “We were able to get crude from Russia at a lower price due to the Russia-Ukraine war. As a result, we were able to increase our imports and fully utilise our refining capacity. Along with using the imported oil for our own needs, we also exported refined petroleum goods.
