The war in Ukraine has resulted in increased trade between India and Russia.
According to India's ministry of commerce and industry, the country's bilateral trade with Russia has risen to a record high. The increase in the import of oil andfertilizer was the main reason for this.
When the war with Ukraine broke out, many countries, including India, scrambled to find trade alternatives for Russia's exports.
Heavy discounts on Russian crude andfertilizer compelled India to maintain trade
India and Russia have a long history of good relations.
Coffee and tea, spices, nuclear reactor, and animal and vegetable fats are some of the goods India imports from Russia.
Fuel andfertilizer accounted for more than 85% of the total.
Russia's share of crude oil imports from India has gone up. Russia has become India's second largest crude oil supplier.
As India ramps up runs to meet the seasonal rise in domestic demand and higher export demand from Europe, it all hinges on prices of Russian crude offered to them relative to the rival Middle East and West African grades.
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