India’s goods imports from Russia reportedly fell sharply in January 2026. New trade figures as cited by various media reports show that imports dropped about 40 percent compared with the same month last year, going down from $4.81 billion to $2.86 billion. The main reason behind this big fall is a huge reduction in Russian crude oil purchases by Indian refiners.
Most of India’s imports from Russia are crude oil, usually about 80 percent of the total. Estimates suggest Russian oil shipments were worth around $2.3 billion or even less in January. Other items India buys from Russia include coal, fertilisers, iron items, newsprint, pulses and precious stones.
Why did oil imports fall?
The drop in Russian crude buying didn’t happen overnight. It began after the United States applied penalties and trade pressure on India last year, pushing for a reduction in oil imports from Russia. These measures included higher tariffs on Indian goods, which rose sharply in mid-2025 as a penalty tied to Russian oil purchases.
Because of this, Indian refiners began cutting back on Russian crude. For example, Reliance Industries India’s largest private refiner said it did not expect any Russian crude deliveries in January. Other refiners also reduced their buying to avoid higher costs and trade penalties.
What comes next?
Experts believe imports from Russia might keep declining in the coming months. Indian refiners are now eyeing cheaper oil from other sources, including Venezuela, the United States, and Middle Eastern countries. This shift is part of a broader strategy to reduce dependence on Russian crude, partly driven by international trade talks and economic pressures.
Recently, the US government lowered punitive tariffs. This change may help India’s trade position while also reshaping its energy supply chain.
