As the West embargoes fossil fuels from Russia, New Delhi is said to have increased its oil imports by 31 times
India imported six times more Russian coal in the 20 days to Wednesday than in the same period last year, Reuters reported on Saturday. During the same period, Russian oil imports from New Delhi have increased more than 31 times. The increase comes despite the United States urging India not to increase its purchases of Russian resources.
The latest figures mark a continuation of a trend that has been underway since Western countries cut themselves off from Russian fossil fuels following Moscow’s military operation in Ukraine. As the United States and the United Kingdom suspended imports of Russian oil and gas and the EU announced a phased ban on Russian coal and a possible withdrawal of Russian oil, Russia has become the second largest supplier of India’s crude oil in May, ahead of Saudi Arabia.
The six-fold increase in India’s coal imports takes its trade volume with Russia to $331.17 million, Reuters said, citing unpublished Indian government data. The more than 31-fold increase in oil imports equates to a trade volume of $2.22 billion, according to the same data.
India’s oil purchases from Russia averaged $110.86 million a day over the 20-day period, more than triple the $31.16 million spent by New Delhi in over the previous three months, Reuters noted.
According to the sources of the news agency, Russian traders offered Indian buyers “attractive” discounts and accept payment in Indian Rupee and UAE Dirham.
Meanwhile, Russia demanded that “hostile” countries – namely those in the EU and North America that imposed sanctions on Moscow – pay for Russian energy in roubles, and without discount.
India has always maintained close relations with Russia and the Soviet Union. While his government has called for a diplomatic resolution to the conflict in Ukraine, it imposed no sanctions on Russia and abstained in a United Nations General Assembly vote in March condemning the military operation. from Moscow.
In response, the United States wooed Prime Minister Narendra Modi’s government with offers to buy weapons and urged Modi not to increase his purchases of Russian fuels.
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