India’s Russia Imports Drop Sharply

India’s merchandise imports from Russia plunged by over 40% in January 2026, falling to about $2.86 billion from $4.81 billion a year earlier, official trade figures show, largely reflecting a steep reduction in crude oil purchases.

Crude oil typically accounts for roughly 80% of India’s imports from Russia, and estimates suggest purchases of Russian crude last month were significantly lower than in previous years. Other goods imported from Russia include coal, fertilisers, iron, pulses, and precious stones, but these have not offset the slump in oil imports.

The downturn in oil imports intensified after mid-2025, following punitive tariffs levied by the United States on Indian goods connected to purchases of Russian oil and ongoing diplomatic pressure. India’s refiners, including some major private and state firms, have substantially reduced or halted buying Russian crude as they explore alternative sources.

In early February 2026, Washington eased the additional tariff on Indian products after New Delhi signalled a commitment to “stop directly or indirectly importing” Russian oil and to increase purchases of energy products from the United States, as well as broadening ties in global energy markets.

Analysts expect the shift in crude sourcing to continue, with Indian refiners eyeing other suppliers, including Middle Eastern and Venezuelan grades, as part of broader diversification strategies.