India's merchandise imports from Russia drop 40% in Jan, crude oil worst-hit

In January, India experienced a significant 40% decline in merchandise imports from Russia, primarily driven by a sharp drop in crude oil purchases. Historically, petroleum crude has accounted for approximately 80% of India's total imports from Russia, making it the most impacted category in this downturn. This reduction can be attributed to various factors, including international sanctions and fluctuating global oil prices, which have affected trade dynamics between the two nations. The decrease not only reflects changing energy needs but also highlights India's efforts to diversify its import sources amidst geopolitical tensions. As the global energy landscape evolves, these shifts could have lasting implications for India's energy security and economic strategy.