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Oil Imports From Russia in The First Nine Months of 2022-23 Are More Than 9 Times import in the previous year - Bharath Kancharla

Data indicates that the overall imports from Russia in the first nine months of 2022-23 are already more than the thrice the value in the whole of 2021-22. In the case of petroleum products, this is more than 9 times. 

Factly.in

Factly.in, using data from the Department of Commerce's Export-Import Databank, has estimated that from April-December 2022, the total value of all imports from Russia was worth $32.82 billion, a majority of which was discountd Russian oil. That is more than three times the value in 2021-22, which was $9.9 billion. And there is another quarter to go in the current fiscal. 

Out of the $32.8 billion total imports, $27.2 billion is under HS Code 0027 i.e. “Mineral Fuels, Mineral Oils, Bituminous substances, etc.” More specifically, the major share under this category is the imports of “Petroleum Oils & Crude” (HSC 2709) at $ 21.79 billion. For the sake of comparison, in 2021-22, the total value of Petroleum Oils & Crude imported from Russia was $ 2.47 billion. Further, Russia has jumped from the 9th largest oil supplier to India in 2021-22 to No. 3 in the first three quarters of 2022. 

Please click here to read the report