Imports from sanctions-hit Russia to India jump almost 7 times in June

As demand for shipments of crude oil grew at the fastest pace during the month of June, India imported goods worth $4.23 billion in June from sanctions-hit Russia. This is 6.8 times higher as compared to last year.

Commerce and industry ministry data showed that crude oil worth $3.02 billion was imported in June, which translates into a share of 71 per cent of the total imports from Russia. Similarly, during the April-June quarter, India’s imports from Russia were valued at $9.27 billion, up 369 per cent on year. Crude oil comprised almost two-thirds of imports from the nation.

In the April-June quarter, Russia became the third largest crude oil supplier to India, after Iraq, Saudi Arabia, and ahead of the United Arab Emirates (UAE), which has also been India’s key oil supplier.

Coal, soybean and sunflower crude oil, fertilisers, among others, featured as the other major imported items from the country. Driven by a sharp jump in imports, the country was India’s seventh largest trading partner in the quarter-ended June.

Russia’s prominence as India’s trading partner has been growing since its invasion of Ukraine on February 24, following which it faced economic sanctions from the Western nations. This has left the world grappling with challenges on several fronts, including disruption in the global food production system, sharp jump in commodity prices, especially oil and natural gas.

Despite pressure from Western nations, prominently the US and the European Union, India chose not to pick a side but maintained a neutral stance considering its historical relationship with Russia. India, on various global forums, has been defending its stand.