India's Imports Of Cheap Russian Crude Surge Since Ukraine Invasion

Highlights
India's oil imports from Russia have been rising since February, as Asia's third largest economy and the world's third biggest oil importer, turned to deeply discounted Russian oil, mostly Urals crude, to cut its imports bill.
The country received more 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 set to receive about 28 million barrels in June, according to Refinitiv Eikon oil flows.

India's exports to Russia, however, fell nearly 50% to $377.07 million over that period
Surging energy imports helped push India's total goods imports from Russia between Feb. 24 and May 26 to $6.4 billion, compared with $1.99 billion in the same period last year, according to government figures seen by Reuters.
India's exports to Russia, however, fell nearly 50% to $377.07 million over that period, as its government is yet to set up a formal payment mechanism.
As the West responded to the invasion with a barrage of sanctions, India has come under fire for its continued purchases of Russian energy. New Delhi has brushed off the criticism, saying those imports made only a fraction of the country's overall needs and has said it will keep buying "cheap" Russian oil, arguing a sudden stop would drive up costs for its consumers.
Russian and Indian energy companies have also been discussing term supply agreements and possible acquisitions of stakes in Russian oil and gas projects.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Great Deals on Used Cars
View All Used Cars









Upcoming Cars










Upcoming Bikes










Consider Exploring
Latest News
Related Articles

-5559 second ago
The Sonet likely to be launched in early 2024

-6024 second ago
The upgraded system can now learn to park in locations while the assisted parking function can now identify parking lines.

-3176 second ago
Honda Cars India achieves a milestone by delivering 200 units of the Elevate in Chennai

1 hour ago
Tata said that the buses come with a 350-bar hydrogen storage tank, a 70 kW fuel cell as well as safety systems such as ESC.

2 hours ago
The BMW iX1 electric SUV will be launched on September 28, 2023.

3 hours ago
Hero says that it will pause taking bookings for the Karizma XMR from midnight on September 30.

4 hours ago
The five millionth Tesla, was a Model 3 Highland in Pearl White, produced at the Shanghai plant.

6 hours ago
Ford's software includes specialised algorithms for both day and night conditions, optimising brake light detection.

17 hours ago
The motorcycle is powered by a 250 cc single-cylinder engine developed from the ground up by Triumph

5 months ago
India has been the biggest buyer of Russia's benchmark Urals grade crude in March.

8 months ago
A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices.

8 months ago
OPEC+'s October decision to reduce production by two million barrels per day (bpd) had played an important role in stabilising global markets, Saadoun, who serves as Iraq's delegate to OPEC, said.

8 months ago
Price action was volatile. U.S. West Texas Intermediate (WTI) crude settled up 96 cents, or 1.3%, at $77.24, after earlier touching its lowest since December 2021 at $73.60.
