India’s overall goods imports from Russia increased to $6.4 billion between February 24 and May 26, compared to $1.99 billion in the same period previous year, thanks to rising energy imports.
According to Refinitiv Eikon statistics, India bought more than 24 million barrels of Russian crude oil in May, up from 7.2 million barrels in April and approximately 3 million million barrels in March, and is expected to receive about 28 million barrels in June.
According to the data, India has gotten 34 million barrels of cheap Russian oil since Russian soldiers invaded Ukraine on February 24. In comparison to the same period in 2021, this import is three times the value of total Russian imports, including other products.
Points to remember about India’s oil purchases from Russia
Since February, India’s oil imports from Russia have increased.
India, Asia’s third-largest economy and the world’s third-largest oil importer, lowered its import cost by turning to substantially discounted Russian oil, particularly Urals crude.
Rising energy purchases pushed India’s overall goods imports from Russia to $6.4 billion between February 24 and May 26, up from $1.99 billion the previous year, according to Reuters.
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