India's Deepening Dive into Russian Oil Amid Global Tensions
India's reliance on Russian crude oil has grown significantly amid the Russia-Ukraine conflict, now comprising 35-40% of imports. This shift has attracted international scrutiny, particularly from the US, which imposed tariffs on Indian goods due to its continuous purchases from Russia, despite global sanctions.
In the wake of the ongoing Russia-Ukraine war, India's dependency on Russian crude oil has surged dramatically, accounting for 35-40% of its imports, up from just 0.2% previously. This shift has raised global eyebrows, especially with U.S. President Donald Trump announcing new tariffs on Indian goods.
Historically reliant on Middle Eastern oil, India, the world's third-largest crude importer, turned to discounted Russian oil when others sought to shun it as part of sanctions against Moscow. Russian imports peaked in May 2023 with 2.15 million barrels per day before stabilizing to around 1.78 million barrels in recent months.
Despite global pressure, India has maintained a neutral stance, leveraging discounted Russian oil for economic benefit. The shift has been supported by Indian officials who argue it's in the nation's interest to procure oil at the best available prices, ensuring affordable energy for its citizens amidst global market volatility.
(With inputs from agencies.)
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