India's imports of Russian oil rose to a nine-month high after shipments from non-sanctioned tankers of the Russian Sovcomflot company resumed, Reuters reported on May 21, citing data from shipping and trade sources.
Indian buyers briefly stopped accepting shipments from Sovcomflot earlier this year after the U.S. designated the company and 14 of its tankers as in breach of sanctions.
India has become a key buyer of Russian oil after Western trade restrictions, imposed over Russia's full-scale invasion of Ukraine, forced Moscow to pivot to other markets.
Reuters wrote that in the first month of the fiscal year 2024/25, Indian refineries imported almost 1.8 million barrels per day of Russian oil, an increase of about 8.2% compared to the previous month.
This further increased Russia's share in India's overall oil market, while imports from Iraq and Saudi Arabia dropped.
Bloomberg reported on May 21 that the Indian government made a rare request to its oil refiners and private processor Reliance Industries Ltd. to lock in at least a third of their contracted supply from Russia under a long-term deal.
New Delhi has maintained a vibrant economic partnership with Moscow amid the all-out war against Ukraine, much to the dismay of Western countries.
Igor Kossov
(Updated: )
