NEW DELHI: India, the world’s third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow’s invasion of Ukraine, a global think tank said.
India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022. This is primarily because Russian oil was available at a significant discount to other international benchmarks due to western sanctions and some European countries shunning purchases.
This led to India’s imports of Russian oil seeing a dramatic rise, growing from less than 1 per cent of its total crude oil imports to a staggering 40 per cent in a short period. PTI
ADVERTISEMENT
