Russia becomes Jumps to 5th biggest trade partner.
- India has taken a call to double its trade with Russia. The decision comes amidst staggering US led sanctions and Russia owing to its Ukraine invasion. The increase in trade comes mainly in the backdrop of sharply higher imports of discounted Russian crude oil by India.
- India is looking to double down on its Russian oil imports with state-owned refiners eager to take more heavily-discounted supplies from Rosneft PJSC as international players turn down dealings with Moscow over its invasion of Ukraine.
- State processors are collectively working on finalising and securing new six-month supply contracts for Russian crude to India, said people with knowledge of the companies’ procurement plans. Cargoes are being sought on a delivered basis from Rosneft, with the seller set to handle shipping and insurance matters, they said.
- Driven by a surge in oil and fertiliser imports, Russia has emerged as India’s fifth-largest trading partner during the April-September period, up from the 25th position at the end of FY22, ToI cited official data. US and China have retained the top two positions. Trade deficit with Moscow is pegged at over $20 billion during the first half of FY23.
- Russia is now India’s fifth largest trading partner, during April-September, up from the 25th position at the end of the last financial year fuelled by a surge in the import of oil and fertiliser, official data showed.
- The bilateral trade between India and Russia and the huge shipments of oil and fertiliser have also demonstrated that the trade deficit with Moscow, pegged at just more than $20 billion during the first half of the current financial year, is next only to Bejing’s $44. 6 billion, the ToI reported on Thursday.