India ramped up purchases of Russian energy and other commodities such as fertilisers despite pressure from the US and its European partners following invasion of Ukraine | Latest News India
Amid slackening demand for engineering goods from major markets such as the US and China, shipments to Russia continued their uptrend and more than doubled to US$ 123.65 million in July 2023 from US$ 55.65 million in July 2022, a rise of 122.03 per cent, according to a media release issued by EEPC India on Wednesday.
From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent.
India and Russia have agreed to work towards unlocking the full potential of their economic engagement including through addressing the trade deficit and market access issues.