India’s products imports from Russia dropped through over 40 in keeping with cent in January, falling to $2.86 billion from $4.81 billion right through the similar month closing yr, consistent with newly launched figures. The steep decline is in large part all the way down to Indian refiners vastly scaling again their purchases of Russian crude.
Whilst legitimate figures breaking down imports through particular merchandise and nations are nonetheless pending, trade assets counsel Russian crude imports — which generally make up round 80 laptop of India’s overall haul from the country — fell to roughly $2.3 billion in January. Different items imported from Russia come with coal, fertilisers, and treasured stones.
The aid follows a turbulent yr for business family members. Following the advent of punitive price lists through Washington in August 2025 — an instantaneous penalty for uploading Russian oil — imports had already begun to development downwards, shedding through just about 30 laptop between April and September of that yr.
This stoop aligns with contemporary statements from best Indian refiners. Reliance Industries, which operates one of the vital international’s greatest refining complexes, showed previous in January that it used to be now not anticipating any deliveries of Russian crude oil for the month.
Taking a look forward, import figures from Russia are expected to fall even additional as Indian refiners transfer to inexpensive Venezuelan choices.
In an try to stabilise business family members, on February 6, america management introduced that it used to be taking flight the 25 laptop punitive price lists over Indian items. The verdict adopted assurances that India would stop uploading Russian oil, both immediately or not directly, and would as a substitute acquire power merchandise from america.
Whilst Russia noticed a large surge in crude exports to India following 2022, achieving over $50 billion in 2024-25, the panorama is all of a sudden transferring again in opposition to historic patterns, with India taking a look to renew the numerous business courting it as soon as held with Venezuela.
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