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India’s oil imports from Russia reached a staggering $2.8 billion in July, solidifying its position as the world’s second-largest importer of Russian hydrocarbon resources, trailing only China. This development comes amid a global realignment in energy trade, driven by geopolitical shifts and evolving market dynamics.
Data released by the Centre for Research on Energy and Clean Air (CREA), a leading research organization, highlights the significant increase in India’s energy dependence on Russia. The report indicates that India’s imports of Russian oil have surged dramatically since the onset of the Ukraine conflict, as Moscow seeks alternative markets amidst Western sanctions.
India’s burgeoning imports from Russia underscore the growing energy ties between the two nations. The spike in oil purchases is driven by competitive pricing offered by Russia, making it an attractive option for India, which is heavily reliant on imported energy to fuel its fast-growing economy. The Indian government has defended its increased imports from Russia, citing national energy security and the need to secure affordable energy supplies in a volatile global market.
While India’s relationship with Russia has drawn criticism from Western allies, New Delhi maintains that its oil imports are purely driven by economic considerations and are not intended to undermine international sanctions against Moscow. Officials have emphasized that the purchases are conducted within the framework of existing legal and regulatory norms.
China remains the largest importer of Russian hydrocarbons, with its imports far surpassing those of India. However, India’s rapid ascent as the second-largest buyer reflects the shifting landscape of global energy trade, where traditional alliances are being redefined in the wake of the Russia-Ukraine conflict.
The CREA report also notes that the increased flow of Russian oil to India and China has helped Moscow cushion the economic blow of Western sanctions, allowing it to continue financing its operations. As global energy markets remain in flux, India’s energy strategy will likely continue to adapt to the changing geopolitical and economic landscape, with Russian oil playing a key role in its energy mix.