India has bought 34 million barrels of discounted Russian oil since the Ukraine invasion: India has imported about 34 million barrels of crude oil from Ukraine since Russia began its invasion.
India says it will keep buying “cheap” Russian oil, arguing a sudden stop would drive up costs for its people: Russia, one of the world’s most powerful nations, invaded and waged war on its neighbor Ukraine last February. Ukraine has suffered heavy casualties and casualties. Russia’s move has been condemned by various heads of state. At the UN General Assembly, delegates from various countries condemned Russia’s actions and voted against them.
Following this, developed countries in the world such as the United States and the United Kingdom imposed sanctions on Russia. The Indian delegation to the UN General Assembly did not vote. Similarly, India did not hit Russia as hard as other countries. It has remained neutral to this day, without commenting against or in favor of anyone as it is the affair of those two countries.
India, Asia’s third largest economy and the world’s third largest oil importer, has reportedly imported about 34 million barrels of crude oil from Russia in the past.
Measures of India’s maritime oil imports from Russia exclude CPC blended oil. It is also exported through Russia’s Black Sea port. But is often provided as transport volumes by subsidiaries in the West of Kazakhstan.
As India’s oil imports from Russia have been on the rise since February, Russia has been exporting oil to India at reduced discounts.
India received more than 24 million barrels of Russian crude this month. It was 7.2 million barrels in April and about 3 million in March. It is projected to rise further to about 28 million in June.
India’s total imports from Russia from February 24 to May 26 increased to $ 6.4 billion as India continues to import unusually high amounts of energy from Russia. It was $ 1.99 billion during the same period last year.
However, India’s exports to Russia fell nearly 50 percent to $ 377.07 million. This is because Russia has imposed sanctions. Thus, India is facing difficulty in making money transfers. Russia is expected to introduce a monetary system similar to the US dollar.
As India continues to purchase energy from Russia, the United States, Canada, the United Kingdom and European countries continue to criticize India’s position.
The Indian Foreign Ministry responded by criticizing countries for importing only a fraction of the country’s total needs and continuing to buy “cheap” Russian oil. Moreover, it was argued that abruptly stopping this would increase costs to its consumers.
Meanwhile, Indian energy companies are discussing term supply agreements and the acquisition of potential stakes in Russian oil and gas projects.
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