Indo Russian Strategic Friendship : India now top importer of Russian oil
Essar Oil’s refinery in India
As per import data, India surpassed China as the largest buyer of Russian oil last month. Russian crude oil has thus reached a record 44% of India’s total oil imports in July.
Russian crude exports to India in July reached a record 2.07 million barrels per day (bpd) compared with 1.76 million bpd to China, reported a news agency.
India imported 12% more Russian crude than last year, while the world’s largest crude oil importer China imported 7.4% less over the same period. China’s drop was attributed to weakening processing margins among refineries and low demand for fuel.
Both countries have benefited from discounted Russian oil after the haughty West imposed an unilateral but partial embargo on Russian oil and G7 countries imposed a price cap of $60 per barrel in response to the 2022 Russian – Ukraine conflict.
However with China the second largest Economic Power and India the third largest, simply refusing to acknowledge such unilateral sanctions, the USA and West European tactics have flopped miserably.
Meanwhile, Russia’s oil and gas revenues have surged in a sign of Moscow’s ability to show two fingers to Western sanctions.
India’s requirement for Russian oil is going to go up as per its domestic consumption requirement and no amount of any further “tightening” of Western sanctions can influence India and China in this regard.
BRICS is now economically more powerful than G7 nations. Also Russia is a trusted friend, whereas USA and UK had shown their true colours during the 1971 War with Pakistan by threatening India. Then once again in 1998 West had placed sanctions on India for conducting both nuclear and thermonuclear weapon tests.
Now India takes its own decision as per its national interests.
