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NEW DELHI: India has received 34 million barrels of discounted Russian oil since Moscow invaded Ukraine on Feb. 24, according to Refinitiv Eikon data, more than trebling the value of total imports from Russia, including other products, compared with the same period of 2021.

The volumes of India’s seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia’s Black Sea port, but mostly supplied by Kazakhstan’s subsidiaries of western countries as transit volumes.

India’s oil imports from Russia have been rising since February, as Asia’s third largest economy and the world’s third biggest oil importer, turned to deeply discounted Russian oil, mostly Urals crude, to cut its imports bill.

Russia sends record volumes of oil to India, China: report

The country received more than 24 million barrels of Russian crude this month, up from 7.2 million barrels in April and about 3 million in March, and is set to receive about 28 million barrels in June, according to Refinitiv Eikon oil flows.

Surging energy imports helped push India’s total goods imports from Russia between Feb. 24 and May 26 to $6.4 billion, compared with $1.99 billion in the same period last year, according to government figures seen by Reuters.

Russia jumps to 4th position as oil supplier to India

India’s exports to Russia, however, fell nearly 50% to $377.07 million over that period, as its government is yet to set up a formal payment mechanism.

As the West responded to the invasion with a barrage of sanctions, India has come under fire for its continued purchases of Russian energy. New Delhi has brushed off the criticism, saying those imports made only a fraction of the country’s overall needs and has said it will keep buying “cheap” Russian oil, arguing a sudden stop would drive up costs for its consumers.

India to continue oil purchases from Russia

Russian and Indian energy companies have also been discussing term supply agreements and possible acquisitions of stakes in Russian oil and gas projects.

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samir sardana May 31, 2022 03:37am
Indian Imports 4 billion barrels of oil,or 220 million tons of oil, per annum At a clocking rate of 24 million barrels per month - India will import 270 million barrels p.a. from Russia ! There is not much that India can sell to Russia - even w/o sanctions.Russia will NOT accept the supplies of the OFB,which makes Russian weapons ! A CASE IS BEING MADE FOR THE NEXT SCAM AFTER DEMO - WHICH WILL BE THE RUPEE-ROUBLE BARTER - AS THERE IS NO WAY TO BRIDGE THIS TRADE DEFICIT. And then,the case for Indian PSUs like GAIL and ONGC/IOC to buy Russian Assets in Russia AND OUTSIDE INDIA - to monetise Russia - with a promise to hand it back to Russia,later..Russian energy assets o/s Russia,are a clear buy,for PRC and India - to give $ to Russia, and dodge sanctions,as it will be an Indian Overseas company,selling to its Holding Company Even for Russian assets in Russia, there is no way to stop an Indian Company in Russia, from shipping out,oil, gas & metals to its holding company.dindooohindoo
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