India's Strategic Shifts in Russian Oil Imports Amid Global Sanctions

India has emerged as a top buyer of discounted Russian crude oil post-Ukraine invasion, capitalizing on Western sanctions. However, new U.S. sanctions have prompted major Indian companies like Reliance to halt imports. Despite global pressures, India, along with China, continues to purchase significant volumes from Russia.

India has imported approximately 144 billion euros worth of crude oil from Russia since the Ukraine conflict began, according to a European think tank. Since February 2022, the Kremlin's cumulative earnings from global oil sales have reached around 1 trillion euros.

As the second-largest buyer after China, India acquired 162.5 billion euros worth of fossil fuels from Russia, with crude oil accounting for the majority. This strategic purchasing resulted from discounts available following Western sanctions against Moscow.

Despite new U.S. sanctions on Russian oil exporters, companies like Reliance have halted their imports. Nevertheless, other Indian companies continue to buy from non-sanctioned Russian entities. This demonstrates India's complex position amid geopolitical tensions surrounding Russian oil trade.

(With inputs from agencies.)