India ramps up Russian oil imports as sanctions reshape market
7:27 PM EDT, August 22, 2024
In July, India's import of crude oil from Russia averaged 2.07 million barrels per day, marking a 12% increase compared to last year. In the same period, China imported 1.76 million barrels per day, Reuters reported on Thursday.
Russian crude oil accounted for a record 44% of India's total imports last month. For comparison, in 2021, before Russia's war against Ukraine, Russian oil constituted only 2% of India's annual imports.
According to data published by Reuters, the record 2.07 million barrels per day is 4.2% higher than in June and 12% higher than in July 2023.
Customs data from Beijing indicate that crude oil imports from Russia amounted to 1.76 million barrels per day.
Russia changes export direction after Western sanctions
After Moscow launched a full-scale war against Ukraine in February 2022, India and China became the main markets for Russian resources, which the EU and the USA primarily sanctioned. These restrictions aimed to cut off funding for Russia's war activities. Despite pressure from the USA and Europe, both countries have refused to comply with Western sanctions imposed on Russian imports.
Both China and India also refrain from condemning the Russian invasion or directly blaming Russia for what Moscow calls a special military operation.
Indian Prime Minister's tour of Europe
A few weeks ago, Indian Prime Minister Narendra Modi met with Vladimir Putin in Moscow.
On Friday, Modi is scheduled to meet with Ukrainian President Volodymyr Zelensky in Kyiv.
