India and Russia Discuss Shipping via Northern Sea Route

India and Russia are looking ahead to expand the use
of the Northern Sea Shipping route for boosting bilateral trade. This shipping
route passes through the Arctic Ocean. Both countries want reliable and safe
transportation of goods through the Northern Sea Route using Russian and Indian
ports. India, which has not explicitly condemned Russia’s invasion of Ukraine,
emerged as the largest buyer of Russian oil after China last year. According to
a report, India’s trade with Russia increased substantially in 2022 as the
country’s imports from Russia stood at USD 46,342 million, a rise from USD
8,695 million in 2021.   

The Northern Sea Route runs along Russia’s northern
coastline and is the shortest shipping route between East Asia and Europe,
offering substantial cost savings. Russia wants the route to becoming a major
shipping lane and has invested heavily in infrastructure there. How much does
Russia trade with Asia and Europe? Look at the data visualization.

India’s Trade with Russia in the
Last 5 Years

India’s imports from Russia increased drastically in
2022 after Russia’s invasion of Ukraine which pushed the total trade between
the countries to a whopping USD 49,871 million. Crude oil was the top
contributor to India’s imports from Russia. As far as exports to Russia are
concerned, India shipped USD 3,529 worth of goods to Russia in 2022, a marginal
rise as compared to the previous year. Below given chart shows data
visualization of India’s trade with Russia in the last five years.

India’s Trade with Russia by
Commodity 2022

What does India imports from Russia and export to
Russia? According to our report, India exported medicaments for therapeutic or
prophylactic purposes the most to Russia in 2022. After Russia’s invasion of
Ukraine began in Feb 2022, many countries including the European Union put
sanctions on Russia and banned Russian goods, particularly gas and energy
commodities. India emerged as the largest buyer of Russian crude oil. In fact,
India imported crude petroleum oil worth USD 24,988 million from Russia in
2022. Here is a list of commodities that India imported from Russia and
exported to Russia in 2022 with their values.

India’s Imports of Russian Oil in the
Last 5 Years

India emerged as the largest buyer of Russian crude
petroleum oil in 2022 after Russia’s invasion of Ukraine. In 2018, India
imported Russian oil worth USD 1,221 million, that dollar amount increased to
USD 24,988 million in 2022. Analyze year-wise values of India’s imports of
crude oil from Russia.

Undoubtedly, the initiative of India and Russia to
expand the use of the Northern Sea Shipping route will be an advantage to boost
bilateral trade. Both countries want reliable and safe transportation of goods
through the Northern Sea Route using Russian and Indian ports.