India’s merchandise imports from Russia plunge over 40% in January as crude purchases slump

In January 2026, India's merchandise imports from Russia fell by 40.48% to $2.86 billion, compared with $4.81 billion at the same time last year, Hindustan Times reported, citing data released on 16 February.

India's Russian crude oil imports decline

The reduction in merchandise imports is largely due to Indian refiners drastically cutting crude oil purchases from Russia. Of India's total merchandise imports from Russia, petroleum crude typically accounts for about 80%. Citing sources, the report added that New Delhi's actual imports of Russian crude oil in the month were estimated at around $2.3 billion, or possibly lower.

It is worth noting that while the government released overall trade data for January 2026 on 16 February, a breakdown by product categories or individual countries is yet to be shared.

List of goods that India imports from Russia

Apart from crude oil, India also imports several other goods from Russia, which include coal, coke, select petroleum products, fertilisers, iron, newsprint, project goods, pulses, pearls, and precious and semi-precious stones.

India's Russian crude oil imports peaked in April 2025

The decline in India's import of Russian crude oil between 2025 and 2026 began after the imports peaked at $4.73 billion in April 2025, when U.S. President Donald Trump announced "Liberation Day" tariffs. Washington also pressured India against buying Russian crude oil, accusing New Delhi of fuelling Russian President Vladimir Putin's war in Ukraine. However, New Delhi rejected Washington's claims and defended its crude oil purchases from Russia, citing its energy security needs.

However, in August 2025, the US imposed an additional 25% tariff on India solely for its continued purchase of Russian crude oil, bringing the country's tariff to 50%, the highest in the world alongside Brazil. Following the punitive tariffs, New Delhi witnessed a decline in its Russian crude oil imports to $3.32 billion in September, a roughly 30% drop from April 2025.

Indian refiners leave Russian crude oil

The recent decline in Russian oil imports comes at a time when the Indian refiners issued a statement saying that they have stopped purchasing crude oil from Russia, according to the report, citing sources. On 9 January, responding to a news report, Reliance Industries Limited (RIL), the country's largest private refiner, in a post on X, said that they were not expecting "any Russian crude oil" deliveries. RIL's refining capacity is reported at over 68 million tonnes per annum.

The report further said that the decline in merchandise imports from Russia is likely to deepen in the coming months, as India's refiners move away from Russia and pivot towards Venezuela to buy crude oil. Refiners in New Delhi have been considering Washington's offer to buy cheaper Venezuelan crude, a source told Hindustan Times.

US President says India to buy crude oil from Venezuela

Speaking to reporters aboard Air Force One, US President Donald Trump, on 31 January, said that New Delhi has agreed to purchase Venezuelan oil. Before Washington levied sanctions on Venezuela's oil, India was one of the key buyers of their crude oil.

Days later, on 6 February, Trump announced that the US and India had agreed to a Bilateral Trade Agreement (BTA) and that the US had removed an additional 25% tariffs on crude oil imports from Russia. He said that New Delhi “committed to stop directly or indirectly importing Russian Federation oil” and agreed to purchase U.S. energy products. The US is also keen for India to resume purchasing energy from Venezuela.

India's oil imports from Russia, Venezuela

Between 2012 and 2013, India's crude oil imports from Venezuela totalled $14.10 billion, which declined gradually due to evolving geopolitical conditions. These imports touched zero between 2021 and 2022, government data showed.

On the contrary, India's Russian crude imports were reported at zero between 2011 and 2012; however, they suddenly spiked between 2022 and 2023, reaching over $31 billion. Between 2023 and 2024, imports totalled $46.49 billion, and in 2024-2025, they crossed $50.28 billion, after Washington announced sanctions on Moscow following its full-scale invasion of Ukraine in February 2022.