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 Russian oil exports to India plunge infographic
Graphic charts India's oil imports over the past two years.
GN45258EN

MARKETS

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.

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.

Sources
PUBLISHED: 02/01/2024; STORY: Graphic News
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