New Delhi: India’s bilateral trade with Russia, between April and August, reached a new high despite Western demands to limit energy imports from the sanctions-hit invader of Ukraine. According to Department of Commerce figures cited in an Indian Express story, commerce between India and Russia totaled $18,229.03 million for the first five months of the fiscal year 2022–23.
As a point of reference, the research stated that the total trade between the two nations was $10,110 million in 2019-2020, $8,229.91 million in 2018-2019, $8,141.26 million in 2020-21, and $13,124.68 million in 2021-22.
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During the five months, the bilateral commerce between India and Russia totaled $18,229.03 million, of which $17,236.29 million was accounted for by imports and just $992.73 million by exports to Russia. Over 500% more was imported from Russia than the previous year during the months of June, July, and August.
Between April and August 2022, India’s total imports from Moscow totaled $14,476.52 million, or 84% of all fuel items, including mineral fuels, mineral oils, and products of their distillation, bituminous materials, and mineral waxes. Together, fertilisers and fuels made for 91% of all Russian imports throughout the year.
In the first five months of 2022–23, due to the increase since April, Russia has overtaken the United States, China, the United Arab Emirates, Saudi Arabia, Iraq, and Indonesia as India’s seventh-largest trading partner.
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India has received harsh criticism in recent months from the Western media, which has charged New Delhi with funding the conflict in Ukraine. The External Affairs Minister of India, S. Jaishankar, has often emphasised that Europe imports more more oil and gas from Russia than India does.
Russian oil imports into the European Union and the United Kingdom decreased by 35% to 1.7 million barrels per day (bpd) in August from 2.6 million bpd in January, although the International Energy Agency states that the EU is still the primary consumer of Russian crude as of August (IEA).
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