India's imports from Russia down 40%: Here we decode why
What's the story
India's merchandise imports from Russia plummeted by a whopping 40.48% to $2.86 billion in January 2026. The sharp decline is primarily due to a major reduction in crude oil purchases by Indian refiners. The data was released on February 16 and compared to the same period last year when imports stood at $4.81 billion, reported Hindustan Times.
Import breakdown
Actual Russian crude import figures
Crude oil typically makes up nearly 80% of India's total merchandise imports from Russia. According to sources cited by Hindustan Times, New Delhi's actual import of Russian crude in January was around $2.3 billion or even lower. However, it's worth noting that while the government released overall trade data for January on February 16, a breakdown by product categories or individual countries is yet to be shared.
Import peak
Peak import of Russian crude oil
India's import of Russian crude oil peaked at $4.73 billion in April 2025, when US President Donald Trump announced "Liberation Day" tariffs. Washington also pressured India against buying Russian crude, accusing New Delhi of helping Russian President Vladimir Putin's war in Ukraine. However, New Delhi rejected such claims and defended its crude oil purchases from Russia on the grounds of energy security needs.
Tariff impact
US imposed heavy tariffs on India last year
In August 2025, the US imposed an extra 25% tariff on India for its continued purchase of Russian crude oil. This brought the nation's total tariff to 50%, the highest in the world along with Brazil. Following such punitive tariffs, New Delhi witnessed a drop in its Russian crude imports to $3.32 billion in September, a nearly 30% decline from April 2025 levels.
Change
Indian refiners pivoting to Venezuela
The recent decline in Russian oil imports comes as Indian refiners have stopped buying crude oil from Russia. On January 9, Reliance Industries Limited (RIL), India's largest private refiner, confirmed they were not expecting "any Russian crude oil" deliveries. The report further said that the fall in merchandise imports from Russia is likely to deepen in the coming months as India's refiners pivot toward Venezuela for crude oil supplies.