Russian oil imports to India increased tenfold last year, state-owned Indian bank says

Russian oil imports to India increased tenfold last year. This was reported by Bank of Baroda, an Indian financial institution controlled by the state. Russian oil accounted for two percent of India’s annual oil imports in 2021, compared with nearly 20 percent last year, the BBC reported today, citing a report by the Indian bank.

Western countries have restricted energy imports from Russia since its invasion of Ukraine. Moscow has therefore been selling oil and other commodities at a discount to countries such as India and China. India, Asia’s third-largest economy and the world’s third-largest oil importer, saved around five billion dollars (roughly 107 billion Kč) last year thanks to increased oil supplies from Russia. That amounts to a saving of 89 dollars per tonne of the commodity.

Despite pressure from Western European countries and the United States, India has refused to comply with Western sanctions on imports from Russia. Delhi has also not explicitly condemned the Russian invasion of Ukraine. India defends its oil purchases by saying that, as a country dependent on energy imports with millions of people living in poverty, it cannot afford to pay higher prices.