According to the statistics, the third-largest economy in Asia saved about $5 billion (£4 billion) while increasing its purchases of petroleum from Moscow. After Russia invaded Ukraine, Western nations started reducing their energy imports from that country.
Russia has been offering energy at a lower price to nations like China and India, the third-largest oil importer in the world. Only 2per cent of India’s total yearly imports of crude oil in 2021 came from Russia. According to the Bank of Baroda, that percentage has already reached approximately 20per cent. According to the data, India’s purchases of Russian oil during the most recent fiscal year resulted in $89 per tonne savings for India.
India has defied efforts from the US and Europe to comply with Western sanctions on Russian imports. India has defended its oil purchases, claiming that it is unable to pay higher costs because it depends on energy imports and has millions of people living in poverty.
According to India’s External Affairs Minister S. Jaishankar in a TV interview from last year, Europe has purchased six times more electricity from Russia than India since the start of the Ukraine war. He claimed that Europe has successfully decreased its imports while doing so comfortably. Some analysts predict that Russia will continue to provide cheap oil to Asia’s largest energy importers as there is no end in sight to the conflict.