India and Russia: An Oil Alliance Amid Sanctions

India is the second-largest buyer of Russian oil, purchasing €2.5 billion worth of crude in October alone. Despite Western sanctions on Russian entities, India's reliance on discounted Russian oil increased in 2022, with imports rising significantly. This situation highlights the economic ties between India and Russia amid geopolitical tensions.

India continues to be a major player in the global oil market, emerging as the second-largest buyer of Russian oil in October. According to a report from the Centre for Research on Energy and Clean Air (CREA), India spent €2.5 billion on crude oil imports from Russia last month, maintaining its purchasing levels from September.

This significant oil trade comes at a time when many Western nations, including the United States and European Union, have imposed sanctions on major Russian oil producers like Rosneft and Lukoil. These sanctions are part of broader efforts to curtail Russia's economic resources due to its involvement in the Ukraine conflict.

Despite these challenges, India has increased its imports of Russian oil, leveraging the steep discounts offered due to reduced demand from Europe. The discounted prices have made Russian oil an attractive option for India, allowing it to meet its energy needs at a lower cost. This engagement underscores the complex and evolving dynamics of global oil trade and geopolitics.

(With inputs from agencies.)