Indian-Russia oil trade: Amid the ongoing between Russia and Ukraine, Moscow on Tuesday, claimed it supplied crude oil to India nearly 22-fold ever since the West imposed sanctions. According to multiple state news agencies, the Russian Deputy Prime Minister said that the maximum energy was diverted to "friendly nations" after the United States and the European Union imposed back-to-back sanctions on Russian energy.
"Most of our energy resources were diverted to friendly countries," several state news agencies quoted Alexander Novak as saying. "For example, Russian oil sales to India surged at least 22 times," he added.
Further, Novak asserted that the country cut crude production by 500,000 barrels per day this month and added the trend to be followed till June this year. However, he claimed that this did not impact the overall business of the country.
India imports 85% of its crude oil needs
It is worth noting that India is the world’s third-largest oil-consuming and importing nation. It imports 85 per cent of its crude oil needs. Crude oil is converted into fuels like petrol and diesel at refineries. However, ever since the war between Russia and its neighbouring nation started last year, the West and Europe imposed stringent sanctions on its energy. This resulted in Russia's offering more discounts to its oldest ally, India.
Earlier, India defended India's stand
The Indian government has been vehemently defending its trade with Russia, saying it has to source oil from where it is the cheapest. The government has previously indicated that oil companies will continue to buy oil from Russia outside the price cap.
External Affairs Minister S Jaishankar on December 7 told the Rajya Sabha that Indian refiners will continue to look for the best deals in the interest of the country. “We do not ask our companies to buy Russian oil. We ask our companies to buy oil (based on) what is the best option that they can get. Now, it depends on what the market throws up,” he had said while replying to clarifications sought by MPs on his suo moto statement on foreign policy. Besides, on several international forums, New Delhi has defended its oil purchase from Moscow despite being brutally trolled by the EU and the West. Therefore, it is unlikely that the latest measure would affect India's oil market.
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