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India's Russian imports soar 400% as U.S. offers little resistance

China seen behind Washington's soft touch; New Delhi optimistic on rupee trade

NEW DELHI -- India appears to be pulling off a diplomatic high-wire act between Washington and Moscow as Commerce Ministry data shows imports from Russia have surged nearly 400% so far this fiscal year, fueled by purchases of discounted crude oil.

Russia was India's No. 4 "merchandise import source nation" in the first 10 months of the current fiscal year through March, after China, the United Arab Emirates and the U.S. The total value of Russian imports came to $37.31 billion, up from $7.71 billion in the same period of the previous year, according to the latest trade figures revealed on Wednesday. This translates to growth of 384%, with Russia accounting for a 6.2% share of the South Asian country's total imports during the period.

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