Imports from Russia rise 3.5x on oil buys

 India's net imports from Russia rised 3.5 times in a year in april to $2.3 billion. The rise in imports was mainly contributed by the crude oil purchases from Russia. It was valued at $1.3 billion which is 57 percent of the total inbound shipments from Russia.

The pressure from US or European sanctions did not affect India's decision to purchase cheap crude oil from Russia. 

Now Russia became the 4 th largest petroleum supplier for India after Iraq, Saudi Arabia, and United Arab Emirates. When overall imports are considered Russia was the 6 th largest import partner.

The exports to Russia from India stood at $96 million which was down by 59 percent year on year. 

India was criticised for continuing trade with russia despite the imposition of economic sanctions. India defended its stand stating that petroleum products do not fall under the ambit of sanctions by the western countries.

Private sector refiners Reliance and Nayara Energy led the crude oil shipments to India. Which accounts for about 69% of Russian crude oil shipments.

The emergence of India's refining trade means more tanker capacitybis needed for Russian crudes which can also limits exports if there are sanctions against tankers transporting Russian crude.

India's decision on buying crude oil from russia have created financial lifelines with Russia. China was also importing crude oil from Russia. This move has helped Russia even when it was facing sanctions by US and European countries.