Russian Oil Sales to India have Soared since the Invasion of Ukraine

According to Reuters, oil sales to India from Russia since the invasion of Ukraine are already more than doubled their 2021 total. As per the Reuters report, Indian Oil companies have bought nearly 40 million barrels of Russian crude oil since February 24, up from 16 million barrels bought in the year 2021. The increased sales come amidst heavy discounts for Russian crude as Moscow's war on Ukraine has resulted in other customers limiting its supplies. While the United States and Canada have imposed a complete ban on the import of Russian energy, the European Union has not yet imposed a complete ban on Russian oil.

Meanwhile, India has emphasized the need for a ceasefire in Ukraine but has yet to condemn the actions of Russia. The Oil companies of India have informed that the Russian oil is important to limit skyrocketing inflation. On Friday, Oil Minister Hardeep Singh Puri told that the imports from Russia only account for a small fraction of India's overall supply capacity. India is the world's third-largest importer of oil. The country receives 85% of its oil supply from other countries.