India-Russia: భారత్ కు రెండో అతిపెద్ద చమురు ఎగుమతిదారుగా రష్యా

Russia is facing a number of economic sanctions due to the war with Ukraine. Many Western countries are imposing bans on the purchase of oil and gas in particular. This is having a severe impact on the Russian economy. Already many multinational companies are leaving Russia. Russia will not stop the attack on Ukraine, no matter how many sanctions are imposed.

Russia, meanwhile, has offered India oil at a much lower rate. With this, India is also importing crude oil from Russia. On one occasion some Western countries opposed the import of crude oil from Russia. However, Indian Foreign Minister Jaishankar countered that they were buying less oil than Europe was buying.

Russia became the second largest exporter of oil to India in May. Indian refiners are importing oil from Russia as it offers oil at a very low rate. Per day for Indian refineries in the month of May 819,000 barrels of oil were imported. Iraq is the largest exporter of oil to India, followed by Russia and Saudi Arabia. Russia holds 16.5 per cent of India’s oil imports in May. India’s total oil imports in May stood at 4.98 million BPD (barrels per day). This is the highest since December 2020. Oil imports in May were up 5.6 percent from a month earlier. This is an increase of 19 per cent over the previous year.