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Russia Crude Oil: India’s foreign policy is being appreciated all over the world in today’s time. The country’s Foreign Minister S Jaishankar has warned the world about India’s strategy from different forums of the world. Once upon a time, he was asked by foreign media in a conference that why India is buying oil from Russia despite the sanctions? Then S Jaishankar had replied that European countries buy as much oil as India buys in a month in less than a day. Since then till date India’s purchase of oil from Russia has continued to increase. India’s crude oil purchases from Russia have been higher than traditional West Asian suppliers for the fourth consecutive month in January. Refineries are increasingly buying Russian crude, available at a discount. Before the start of the Russo-Ukraine war, Russian oil accounted for less than one per cent of India’s imports.
Revealed in the report
Vortexa, which monitors energy shipments, has released a report that India’s crude oil imports from Russia increased to a record level of 1.27 million barrels per day in January. In this way, the share of Russian crude oil in India’s imports has increased to 28 percent. India is the third largest importer of crude oil in the world after China and the US. Russian oil is available at a discounted price following sanctions by the West following Russia’s invasion of Ukraine. Before the start of the Russia-Ukraine war, Russian crude oil accounted for only 0.2 per cent of India’s imports. This has increased to 28 percent in January 2023. Officials attending the India Energy Week (IEW)-2023 here said India will continue to buy crude from anywhere in the world, including Russia, to meet its energy needs.
European countries banned buying oil from Russia
European countries stepped up their economic blockade of Ukraine to attack Russia, imposing sanctions on purchases of diesel and other oil products on Sunday. The embargo on Russian diesel has been imposed along with a ceiling on petroleum products. Seven friendly countries had agreed on the ceiling price of diesel. However, this price limit will not affect Russia’s economic interests much in the short term. The reason for this is that Russia is currently supplying diesel at more or less the same level, but after the ban of European countries, it will be very difficult for it to find customers for diesel. In order to economically isolate Russia, which attacked Ukraine in February last year, the US and European countries have imposed several sanctions on it. The ban on diesel by European countries is the next step taken in this direction.
The objective behind this restriction and price cap is that Russia does not get the benefit of any increase in the prices of refined oil products. European Union officials said the ban was announced in June, so countries importing oil from Russia had enough time. In December, before the ban took effect, Russia earned $2 billion from diesel supplies to European countries. European countries have already embargoed coal and most of the crude oil from Russia. At the same time, Russia has greatly limited the supply of natural gas to Europe as a countermeasure.
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