After the Ukraine war broke out, India filled its coffers with heavily discounted Russian oil. Indias share of oil imports from Russia increased from a puny 2% before the war to almost 40% in the next two years. But now China has surpassed India as the largest importer of Russian oil. How? We explain.
India Business News: The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stabl
Indian refiners are now refusing to take delivery of crude transported by Sovcomflot tankers in an evident bid to steer clear of any secondary sanction risk
In March, India s imports of Russian oil increased by over 7% compared to February, as refiners opted for cheaper options amidst geopolitical tensions. Despite ongoing sanctions, Russia remained India s top oil supplier, followed by Iraq and Saudi Arabia. India reduced monthly purchases from Saudi Arabia while increasing those from Iraq.