India has obtained 34 million barrels of discounted Russian oil since Moscow invaded Ukraine on Feb. 24, based on 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 Mix oil, which can be exported by way of Russia’s Black Sea port, however principally 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 economic system and the world’s third-biggest oil importer, turned to deeply discounted Russian oil, principally 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, based on Refinitiv Eikon oil flows.
Surging power imports helped push India’s complete items imports from Russia between Feb. 24 and Could 26 to $6.4 billion, in contrast with $1.99 billion in the identical interval final yr, based on 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.
Because the West responded to the invasion with a barrage of sanctions, India has come underneath fireplace for its continued purchases of Russian power. New Delhi has dismissed the criticism, saying these imports made solely a fraction of the nation’s general wants and has mentioned it’ll hold shopping for “low cost” Russian oil, arguing a sudden cease would drive up prices for its customers. Learn full story
Russian and Indian power firms have additionally been discussing time period provide agreements and potential acquisitions of stakes in Russian oil and gasoline initiatives.
(Reuters – Reporting by Aftab Ahmed and Nidhi Verma / Modifying by Tomasz Janowski)