India's Russian imports up 3.5
times on oil buys despite Western pressure
the back of rising crude oil purchases, India s bill for imports from
sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion,
showed data from the commerce ministry.
April, India s crude oil imports from Russia were valued at $1.3 billion, 57
per cent of India s total inbound shipments from Russia. Other major imported
items during the month included coal, soybean and sunflower oil, fertilisers,
and non-industrial diamonds.
month, Russia was also the fourth-largest crude petroleum supplier to India, after
Iraq, Saudi Arabia, and the United Arab Emirates (UAE). As far as overall
imports are concerned, Russia was the sixth largest import partner in April.
During the same month last year, Russia was the 7th biggest source of crude oil
for India and on an overall basis, it ranked 21st among India s import
was also India s 9th largest trading partner in April (including both exports
and imports), with the size of trade at $2.42 billion. This even as the value
of outbound shipments to Russia nosedived to $96 million in April, down by 59
per cent year-on-year. Top items exported to Russia during the month included
electrical machinery and equipment, iron and steel, pharmaceutical products,
marine products, and automobile components.
oil imports to India from Russia are on the rise since Russia's invasion of
Ukraine on February 24. The invasion was followed by economic sanctions on
Russia by the US and its allies, in an attempt to isolate the country from
global trade and this led to spike in commodity prices.
pressure from Western nations, India did not pick a side and it chose to
maintain a neutral stance considering its historical relationship with Russia.
India was also criticised for continuing trade with Russia despite the imposition
of economic sanctions.
on various global fora has been defending its stand holding that petroleum
products do not fall under the ambit of sanctions by Western countries and New
Delhi has always looked to diversify its energy sources.
you're looking at energy purchases from Russia, I'd suggest that your attention
should be focused on Europe. We do buy some energy, which is necessary for our
energy security. But I suspect, looking at figures, our total purchases for the
month would be less than what Europe does in an afternoon, External Affairs
Minister S Jaishankar said in April during a press conference for the India-US
2+2 Ministerial Dialogue.
minister Piyush Goyal last month at the World Economic Forum said India is well
within the current framework which has been designed by the countries which
have imposed the sanctions.
interests or needs are no different from those of European nations. In the
current situation, when inflation is at an all-time high, causing stress to
people all over the world, the EU and European countries continue to buy larger
quantities than India ever thought of buying, Goyal said.