India-Russia trade booming despite U.S. tariffs
Indian imports of Russian oil are set to hit a three-year low in December, but despite punitive U.S. tariffs, trade ties between the two countries – particularly in energy and arms – are set to strengthen
Summit meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi
INDIAN IMPORTS
Showing dependence on Russia
OIL
Russia
1.76
Iraq
0.92
Other
0.6
Nigeria
0.19
U.S.
0.32
UAE
0.42
Saudi
0.64
4.85m bpd

ARMS
Russia 40%
Main supplier for decades
Focus on joint R&D to boost Indian self-reliance
Other
10.3%
U.S.
8.7%
France
14%
Israel
27%

RUSSIAN CRUDE TO INDIA
Million bpd
Dec 2023:
Imports surge with Western sanctions on Russia
1.452
Jul 2024
2.090
Jun 2025
2.089
Imports peak ahead of Nov 21 tariff deadline
1.833
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
2024
2025
Sources: Reuters, Bloomberg
Picture: Getty Images
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