India has obtained 34 million barrels of discounted Russian oil since Moscow invaded Ukraine on Feb. 24, in response to Refinitiv Eikon knowledge, greater than trebling the worth of complete imports from Russia, together with different merchandise, in contrast with the identical interval of 2021.
The volumes of India’s seaborne oil imports from Russia exclude CPC Blend oil, which can be exported through Russia’s Black Sea port, however largely equipped by Kazakhstan’s subsidiaries of western international locations as transit volumes.
India’s oil imports from Russia have been rising since February, as Asia’s third largest financial system and the world’s third greatest oil importer, turned to deeply discounted Russian oil, largely Urals crude, to chop its imports invoice. The nation obtained greater than 24 million barrels of Russian crude this month, up from 7.2 million barrels in April and about 3 million in March, and is ready to obtain about 28 million barrels in June, in response to Refinitiv Eikon oil flows.
Surging vitality imports helped push India’s complete items imports from Russia between Feb. 24 and May 26 to $6.4 billion, in contrast with $1.99 billion in the identical interval final yr, in response to authorities figures seen by Reuters.
India’s exports to Russia, nonetheless, fell practically 50% to $377.07 million over that interval, as its authorities is but to arrange a proper fee mechanism.
As the West responded to the invasion with a barrage of sanctions, India has come beneath hearth for its continued purchases of Russian vitality. New Delhi has dismissed the criticism, saying these imports made solely a fraction of the nation’s total wants and has mentioned it would maintain shopping for “cheap” Russian oil, arguing a sudden cease would drive up prices for its customers.
Russian and Indian vitality corporations have additionally been discussing time period provide agreements and potential acquisitions of stakes in Russian oil and fuel initiatives.
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