NEW DELHI: India’s crude oil imports from Russia have eased in recent weeks, but the broader trade realignment forged after the Ukraine conflict remains structurally intact.
According to energy analytics firm Kpler, India has imported 1.16 million barrels per day (bpd) of Russian crude so far in February, down from an average 1.71 million bpd in 2025. The moderation, however, comes after three years of extraordinary expansion that reshaped bilateral trade.
India’s commercial ties with Russia were fundamentally reconfigured following Ukraine conflict in February 2022. In three financial years, bilateral trade expanded more than fivefold, driven overwhelmingly by discounted Russian crude redirected from Europe to Asia under Western sanctions.
Before the conflict, Russia was a marginal energy partner. In FY2020–21, total trade stood at $8.15 billion. It rose to $13.12 billion in FY2021–22, with
Russia accounting for less than 2% of India’s crude basket. The post-invasion sanctions regime altered that trajectory dramatically.
By FY2022-23, India’s imports from Russia surged to $46.21 billion, pushing total trade to $49.35 billion. Momentum continued into FY2023-24, with imports climbing to $61.44 billion and total trade reaching a record $65.7 billion. Provisional estimates for FY2024-25 place overall trade between $68 billion and $70 billion.
At its peak, Russia supplied close to 40% of India’s crude imports, becoming its largest source. Exports told a different story. India’s outbound shipments — pharmaceuticals, machinery, chemicals and agricultural goods — hovered above $4 billion annually, resulting in a record trade deficit exceeding $57 billion in FY2023–24.
The services trade has remained steady in the recent years according to analytics. Both the countries target $50 billion in bilateral investment by 2025. Russian investments in India span areas like energy, petrochemicals, banking, railways and steel.