A Bank of Baroda report says India's imports of Russian oil rose tenfold last year, lifting Russia's share of India's crude imports from 2% in 2021 to nearly 20% and saving India about $5bn and around $89 per tonne of crude. India has resisted US and European pressure to follow Western sanctions on Russian imports, while analysts expect discounted Russian crude to keep flowing to India and China.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
We expect Russian crude intake to remain limited to these two countries, sustaining the steep discounts
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
The figures revealed that Asia’s third-largest economy saved approximately $5bn (£4bn) as it increased crude purchases from Moscow.
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in 2021, Russian oil accounted for just 2% of India’s annual crude imports.
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But that figure has now increased to nearly 20%.
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India’s purchases of oil from Russia saved around $89 per tonne of crude during the last financial year.
Word for word from the report in Maldives Republic. Open the report