India's Oil Imports from Russia Total 49 Billion Euros, Around ₹4.4 Lakh Crore

New Delhi (The Uttam Hindu): India, the world’s third-largest oil consumer and importer, has purchased 49 billion euros worth of crude oil from Russia during the third year of Russia's invasion of Ukraine, according to a global research institute. Traditionally, India sourced its oil from West Asia, but after the invasion of Ukraine in February 2022, it significantly increased imports from Russia. This shift was primarily driven by Western sanctions and European countries reducing their purchases of Russian oil, which made Russian crude available at a substantial discount compared to other international prices. As a result, India’s share of Russian oil imports rose sharply, from 1% of total crude oil imports to 40% in a short period.

In its latest report, the Energy and Clean Air Research Center noted, "Russia’s hold on new markets has strengthened in the third year of the conflict. The top three buyers were China (78 billion euros), India (49 billion euros), and Turkey (34 billion euros), accounting for 74% of Russia's total fossil fuel revenue during this period." The report also highlighted that India's import value increased by 8% annually.

Regarding the discount, Russia’s total global fossil fuel revenue in the third year of the invasion amounted to 242 billion euros, bringing the total since the start of the conflict to 847 billion euros. Some Indian refineries have been processing Russian crude into fuels like petrol and diesel, which are then exported to Europe and other G-7 countries. Initially, Russian oil was sold at a discount of 18-20 dollars per barrel below the market price, allowing India to secure oil at very low rates. However, in recent times, the discount has been reduced to less than 3 dollars per barrel.