Business & Economy

India’s oil imports from Russia jump 20-fold since Ukraine war

New Delhi, May 11 (EFE).- India has increased its crude oil imports from Russia 20 times since the beginning of Ukraine war – purchasing as many as 45 million tons of petroleum during the last financial year ending in March 2023 – so that Russian oil now amounts to nearly 20 percent of its total imports.

The figures turn Russia into the second largest oil supplier for India, slightly behind only Iraq – from which India purchased 20.6 percent of its total supplies – according to a report published by India’s state-owned Bank of Baroda.

The South Asian nation imported a total of 236.6 million tons of crude during the past fiscal year, out of which 19.3 percent was sourced from Russia.

The oil purchase cost over $162 billion to the coffers, with over $27 billion heading to Moscow.

Before the Ukraine war, New Delhi’s main imports from Moscow consisted of weapons and military equipment, with crude amounting to just over 1 percent of total imports.

However, within just a year, Russia has become one of India’s main suppliers of crude thanks to the discounts that New Delhi began to receive since the beginning of the invasion of Ukraine, resulting in a savings worth $5 billion, a government official told EFE on the condition of anonymity.

The imports have continued despite repeated calls by India’s Western allies to oppose and distance itself from Moscow over the Ukraine conflict, as New Delhi has stressed that it needs to purchase crude at the best possible price to rescue its economy. EFE


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