India’s imports from Russia have increased by 384 percent, according to the Union Ministry of Commerce.
In the last financial year 2021-22, Russia was at the 18th position in the list of countries that India imports from. India imported goods worth 9.86 billion dollars (about Rs. 81,685 crore) from the country that year.
In this case, during the period from April to January of the current financial year, Russia has moved up to the 4th place in the list of importing countries for India. From April to January, imports from Russia were worth $37.31 billion (about Rs.3 lakh crore). India’s imports from Russia increased by 384 per cent during this period, according to data from the Union Ministry of Commerce.
Western countries have imposed economic sanctions on Russia following its invasion of Ukraine. Due to this, some countries have reduced the purchase of crude oil from the country. Following this, Russia offered to sell crude oil at concessional rates. While India is buying it, it imported an unprecedented amount of crude oil from Russia last January. Due to this, India’s imports from Russia have increased tremendously.