tirsdag 29. mars 2022

Ukraine crisis: Why India is buying more Russian oil

Russia is seeking new markets for its oil exports as Western sanctions tighten - and India has been taking advantage of discounted prices to ramp up imports from the country. The US has said that although these oil imports do not violate sanctions, "support for Russia...is support for an invasion that obviously is having a devastating impact".

After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported. In 2021, India bought about 12 million barrels of oil from Russia, only 2% of its total imports. By far the largest supplies last year came from the Middle East, with significant quantities also from the US and Nigeria.