India has become a major buyer of Russian oil as Western countries shy away following Moscow's invasion of Ukraine.
Indian government data show the country imported nearly 35 million tons of crude in 2022. That's more than seven times the previous year's amount.
India bought around 400,000 tons in March, right after the invasion. But the figure jumped to some 5.5 million tons in December.
Iraq and Saudi Arabia have been India's largest oil suppliers. But from September to December, Russia held the top position.
Western countries have strengthened sanctions on Russian oil to choke off a key source of revenue for Moscow. But analysts point out China and India have exploited the situation by buying Russian energy at a discount.
India's foreign minister says the government should prioritize the domestic economy, arguing its consumers need the best possible access to the international market.
The country's economy has been hit hard by inflation and a weakening rupee as the US and European countries continue hiking interest rates.
Indian government data show the country imported nearly 35 million tons of crude in 2022. That's more than seven times the previous year's amount.
India bought around 400,000 tons in March, right after the invasion. But the figure jumped to some 5.5 million tons in December.
Iraq and Saudi Arabia have been India's largest oil suppliers. But from September to December, Russia held the top position.
Western countries have strengthened sanctions on Russian oil to choke off a key source of revenue for Moscow. But analysts point out China and India have exploited the situation by buying Russian energy at a discount.
India's foreign minister says the government should prioritize the domestic economy, arguing its consumers need the best possible access to the international market.
The country's economy has been hit hard by inflation and a weakening rupee as the US and European countries continue hiking interest rates.
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Summary
India significantly increased its Russian oil imports in 2022, more than seven times the previous year's amount. This surge occurred post-Moscow's invasion of Ukraine. From September to December, Russia overtook Iraq and Saudi Arabia as India's largest oil supplier. Analysts suggest this increase
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ID: b7e9365d-c13d-444a-b53f-785ee428b5bd
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230220_39/
Date: Feb. 20, 2023
Created: 2023/02/21 07:21
Updated: 2025/12/09 07:10
Last Read: 2023/02/21 07:37