India's merchandise imports from Russia dropped by over 40 per cent in January, falling to $2.86 billion from $4.81 billion during the same month last year, according to newly released figures. The steep decline is largely down to Indian refiners drastically scaling back their purchases of Russian crude.
While official figures breaking down imports by specific products and countries are still pending, industry sources suggest Russian crude imports — which typically make up around 80 pc of India's total haul from the nation — fell to approximately $2.3 billion in January. Other goods imported from Russia include coal, fertilisers, and precious stones.
The reduction follows a turbulent year for trade relations. Following the introduction of punitive tariffs by Washington in August 2025 — a direct penalty for importing Russian oil — imports had already begun to trend downwards, dropping by nearly 30 pc between April and September of that year.
This slump aligns with recent statements from top Indian refiners. Reliance Industries, which operates one of the world's largest refining complexes, confirmed earlier in January that it was not expecting any deliveries of Russian crude oil for the month.
Looking ahead, import figures from Russia are anticipated to fall even further as Indian refiners switch to cheaper Venezuelan alternatives.
In an attempt to stabilise trade relations, on February 6, the US administration announced that it was withdrawing the 25 pc punitive tariffs over Indian goods. The decision followed assurances that India would cease importing Russian oil, either directly or indirectly, and would instead purchase energy products from the United States.
While Russia saw a massive surge in crude exports to India following 2022, reaching over $50 billion in 2024-25, the landscape is rapidly shifting back towards historical patterns, with India looking to resume the significant trade relationship it once held with Venezuela.
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