Russian crude imports rise to new high for 2nd month in row
India’s imports of Russian crude oil rose to a record high for the second consecutive month in July, underscoring the country’s continued reliance on discounted Russian supplies even as Western sanctions have tightened restrictions on Moscow’s energy exports.
Indian buyers imported Russian crude worth 5.5 billion euros in July, up 2.1 per cent from June, according to data compiled by the Centre for Research on Energy and Clean Air (CREA). Crude accounted for 87 per cent of India’s total Russian fossil fuel purchases during the month. In June, India bought Russian crude worth 4.5 billion euros, accounting for 83 per cent of its total Russian fossil fuel imports worth 5.5 billion euros. The 2.1 per cent rise is in volume terms and not value.
India’s dependence on Russian crude has surged since Russia’s invasion of Ukraine in February 2022.
