India’s Soaring Russian Oil Purchases Amid Sanctions

In October, India, the second-largest buyer of Russian oil, spent €2.5 billion on crude oil from Moscow, maintaining its spending level from September. The increased imports are attributed to discounted prices following Western sanctions on Russia. India remains a key player in Russia's oil market despite new US and EU sanctions.

India's purchases of Russian oil hit a consistent €2.5 billion in October, the same amount as the previous month, according to a European think tank. Despite impending sanctions on Russian entities, India remains the second-largest buyer after China.

The Centre for Research on Energy and Clean Air noted the increase in private and state-owned refinery imports as India capitalizes on discounted Russian crude, providing a substantial energy alternative amid Middle Eastern oil dependency. Meanwhile, U.S. sanctions on Russian oil giants Rosneft and Lukoil have led companies like Reliance Industries to pause imports.

The sanctions against Russia in response to the Ukraine invasion have affected its traditional oil markets, prompting it to offer oil at steep markdowns. India's decision to capitalize on these discounts highlights the ongoing strategic maneuvering in global energy markets.

(With inputs from agencies.)