In 2022, India increased the import of cheap oil from the Russian Federation tenfold, saving $5 billion
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In 2022, India will increase its import of oil from Russia tenfold. Thanks to the increase in purchases of Russian oil, the country saved $5 billion. This is reported by the BBC with reference to the data of the Indian state bank Bank of Baroda.
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“This is happening at a time when western countries are reducing energy imports from Russia after its invasion of Ukraine.
Russia sells energy carriers at a discount to countries such as China and India, which is the third largest importer of oil in the world. In 2021, Russian oil accounted for only 2% of India’s annual crude oil imports. Now this figure is about 20%,” the publication writes.
India’s purchases of oil from Russia in the last fiscal year allowed it to save about $89 per ton of crude oil.
Under pressure from the United States and Europe, India refused to join Western sanctions against Russian imports. New Delhi also did not directly condemn Russia’s invasion of Ukraine.
India defends its oil purchases, saying that as a country dependent on energy imports, where millions of people live in poverty, it cannot afford to pay higher prices.
Read also: Morgan Stanley analysts have updated their forecast for oil prices
Since the beginning of the full-scale war in Ukraine, Europe has imported six times more energy from Russia than India, the Indian foreign minister said in a television interview last year.
“Europe managed to reduce its imports, while doing it in a way convenient for itself,” he said.
Some analysts expect that Russia will continue to offer cheap oil to the largest energy importers in Asia.
“We expect that the consumption of Russian oil will remain limited by two countries (India and China, ed.), maintaining significant discounts,” said Vandana Hari from the Vanda Insights analytical company.
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Source: Ministry of Finance
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