Graphic charts India's oil imports over the past two years.
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India-Russia oil imports at lowest level for a year
By Ninian Carter
January 2, 2024 - Crude oil exports from Russia to India are at their lowest level since January 2023, amid tightening sanctions that are putting the squeeze on Russia’s ability to bank internationally.
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A tightening of sanctions against Russia has made it impossible for Sakhalin-1, which extracts oil from eastern Russia, to open a bank account in the UAE – an agreed requirement being that buyers must pay for oil in dirhams.
Russia is still India’s largest supplier of oil, although exports have fallen by 32% since May last year.