In January, India’s oil imports from Russia surged significantly, reaching a value of $4.47 billion, marking a 14% increase from the previous month’s $3.92 billion, according to data released by the Union Ministry of Commerce and Industry.
The rise underscores a strategic shift in global oil trade dynamics, as India increasingly relies on Russia as its primary oil supplier. The imports from Russia now constitute more than a third of India’s total oil import expenditure for the month, amounting to $12.04 billion. Year-on-year, imports from Russia have grown by 41%.
Since Russia’s invasion of Ukraine in February 2022 and subsequent Western sanctions, India has increasingly turned to Russia to fulfill its oil requirements. The shift contrasts starkly with the situation before the Ukraine conflict, where Russian oil accounted for a mere 2% of India’s total imports. As reported by ETEnergyworld.com, the surge in imports from Russia, driven by discounted prices, has significantly altered India’s energy supply chain.
