Russia becomes India's fourth-largest trading partner, imports jump 5-fold

Amid the rising bilateral trade, India has been exploring a rupee trade settlement mechanism with Russia

Russia has become India's fourth-largest trading partner with imports from the country spiking five-fold to $32.9 billion during the April-December period, according to a report in The Times of India.

There are two main contributors to India's higher imports from Russia -- crude oil and fertilisers. After Russia-Ukraine war broke out, the West slapped sanctions on Moscow, limiting its trade opportunities.

India bargained a deal with Russia for crude petroleum, seeing this as an opportunity to push the export of petrol and diesel to countries such as the Netherlands and Brazil. Riding on the crude trade, Russia became