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 India's import van Russische olie infographic
Graphic shows India’s surging imports of Russian oil.


India profiteert van Russische olie

By Duncan Mil

May 11, 2023 - India has imported more than 480 million barrels of cheap Russian oil since the invasion of Ukraine, refining it into diesel and jet fuel and shipping it to Europe at a markup.

India has imported 1.2 million barrels of oil daily from Russia since February 2022, data from intelligence firm Kpler shows.

Private refiners Reliance Industries and Russian state-run oil giant Rosneft-backed Nayara Energy accounted for around 858,000 barrels per day of the total imports from Russia.

Since the invasion, Russia has been selling energy at a discount to China and India, the world’s third-largest oil importer.

In 2021 Russian oil accounted for just 2 per cent of India’s annual crude imports. That figure now stands at almost 20 per cent, according to the Indian state-controlled lender Bank of Baroda.

During the last financial year, India’s oil purchases from Russia saved around $89 per tonne of crude.

Despite pressure from the U.S. and Europe, New Delhi has refused to adhere to Western sanctions on Russian imports. Some analysts expect Moscow to continue to offer cheap oil to India.

“We expect Russian crude intake to remain limited to these two countries [India and China], sustaining the steep discounts,” Vandana Hari, from energy analysis firm Vanda Insights, told the BBC.

According to Hari, Indian refineries will continue to maximize their profits for as long as possible.

PUBLISHED: 11/05/2023; STORY: Graphic News; PICTURES: Getty Images