Driven by oil, imports from Russia up 3.5 times

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Driven by a sharp spike in crude oil shipments, India’s imports from Russia have shot up 3.7 times to top $5 billion during April and May 2022, with the value of consignments nearly already half the imports for entire 2021-22. Since February, when Russia attacked Ukraine, imports have risen close to three-and-a-half times to $8.6 billion, compared to $2.5 billion in the corresponding period in 2021.