Indo-Russian Relations
Daily coverage of what makes ties between Delhi & Moscow ever-lasting — even in times of western sanctions.

West's Loss is India's Gain: Asian Economies Emerge as Russia's Top Trade Buddies

© Sputnik / Maxim BlinovOil Rig in the Bavlinsky District of the Republic of Tatarstan
Oil Rig in the Bavlinsky District of the Republic of Tatarstan - Sputnik India, 1920, 09.04.2024
The India-Russia strategic partnership is as strong as ever with trade volumes between the two countries touching new heights last year.
India has emerged as Russia's second-largest trading partner, leapfrogging Turkey, which now occupies the third spot after the South Asian country and Moscow's close ally China, statistics from the Eurasian sovereign state's national statistical services showed.
In 2022, India was languishing in fifth place as far as Russia's trade partners are concerned with trade between the two countries hovering around the $35 billion mark.

However, with India's crude imports from Russia touching record levels in 2023, the trade between New Delhi and Moscow surged to $64.9 billion in 2023, making the Asian giant its second-largest trading partner after China.

It is worth noting that the Indo-Russian trade saw a 1.8-fold rise compared to 2022 in 2023.
On the other hand, Russia-China trade turnover broke all previous records in 2023 as both nations traded goods worth $240.1 billion.
Meanwhile, Turkey rounded off the top three with its trade with Russia being recorded at $56.5 billion.
Belarus and Kazakhstan were Russia's fourth and fifth largest trade partners, registering trade volumes of $55 billion and $26 billion in 2023, respectively.
Interestingly, no Western country found a place among the top five as trade between Germany and Russia fell to only $12.22 billion last year.
For the record, Germany was Russia's closest trading partner in Europe till 2022, recording a trade turnover of $65 billion in 2022.
FILE - In this June 8, 2017, file photo, oil derricks are busy pumping as the moon rises near the La Paloma Generating Station in McKittrick, Calif. The U.S. is on pace to leapfrog both Saudi Arabia and Russia as the world’s biggest oil producer - Sputnik India, 1920, 04.04.2024
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