India's merchandise imports from Russia drop 40% in Jan, crude oil worst-hit
Petroleum crude usually constitutes about 80% of India’s total merchandise imports from Russia.
India's merchandise imports from Russia in January fell 40.48% to $2.86 billion compared to $4.81 billion in January 2025, according to latest data released on Monday, with the reduction largely on account of Indian refiners drastically cutting Russian crude purchases .
Petroleum crude usually constitutes about 80% of India’s total merchandise imports from Russia, it is estimated that actual imports of Russian crude oil in the month were around $2.3 billion, perhaps less, people aware of the matter said, requesting anonymity. While the government on Monday released trade data for January 2026, it is yet to release data by product lines and countries. Other than crude, India imports coal, coke, certain petroleum products, fertilizer, iron, newsprint, project goods, pulses, pearl, precious and semi-precious stones from Russia.
The reduction in Russian crude oil imports in 2025-26 started from a peak of $4.73 billion in April 2025, the month that saw the US government announcing its Liberation Day tariffs . It also saw Washington pressurizing India against buying Russian crude. Later, from August 27, the US imposed an additional 25% punitive tariff on Indian merchandise exports -- essentially a penalty for purchasing Russian crude. This saw India’s import of Russian crude falling to $3.32 billion in September, nearly 30% drop from the month of April.
The decline in Russian imports is in lines with Indian refiners’ statements that they have stopped buying Russian crude, the people mentioned above said. Reacting to a news report on January 9, India’s biggest private refiner Reliance Industries Ltd (RIL) said on social media platform X that it was not expecting “any Russian crude oil” deliveries in January. RIL’s refining capacity exceeds 68 million tonnes per annum.
{{/usCountry}}The decline in Russian imports is in lines with Indian refiners’ statements that they have stopped buying Russian crude, the people mentioned above said. Reacting to a news report on January 9, India’s biggest private refiner Reliance Industries Ltd (RIL) said on social media platform X that it was not expecting “any Russian crude oil” deliveries in January. RIL’s refining capacity exceeds 68 million tonnes per annum.
{{/usCountry}}“The fall in merchandise imports from Russia is expected to be sharper in coming months when Indian refiners will move to buy cheaper Venezuelan crude as compared to Russian oil,” one of the people cited above said. Indian refiners are considering the US offer to buy Venezuelan crude, he added. US President Donald Trump on January 31 told reporters aboard Air Force One that India would buy Venezuelan oil . Before US sanctions on Venezuela, India was one of the key buyers of Venezuelan crude.
{{/usCountry}}“The fall in merchandise imports from Russia is expected to be sharper in coming months when Indian refiners will move to buy cheaper Venezuelan crude as compared to Russian oil,” one of the people cited above said. Indian refiners are considering the US offer to buy Venezuelan crude, he added. US President Donald Trump on January 31 told reporters aboard Air Force One that India would buy Venezuelan oil . Before US sanctions on Venezuela, India was one of the key buyers of Venezuelan crude.
{{/usCountry}}The Trump administration on February 6 withdrew the 25% punitive tariff imposed on Indian goods in its market saying India has “committed to stop directly or indirectly importing Russian Federation oil” and agreed to purchase US energy products. The US is also keen that India should resume purchase of energy from Venezuela.
In 2012-13, India imported crude worth $14.10 billion from the South American country. Imports of Venezuelan crude gradually fell due to various geo-political reasons and became zero in 2021-22, according to official data.
On the other hand, Russian crude supplies to India, which was zero in 2011-12, saw a sudden spike from 2022-23 when it touched over $31 billion. The next year (2023-24) it was $46.49 billion and in 2024-25 it crossed $50.28 billion.
