Skip to content
Edit post

Reuters: India's Russian oil imports in April highest in 9 months

by Martin Fornusek May 21, 2024 3:27 PM 2 min read
Photo for illustrative purposes. The Russian oil tanker Crius waits for a cargo of oil in Ceuta, Spain, on March 5, 2023. (Antonio Sempere/Europa Press via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

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.

Sanctions for show: Russian oil sales to China, India single main driver of Ukraine invasion
As Western sanctions designed to cripple Russian energy exports barely slow them down, the Kremlin continues to make enough money to keep its war against Ukraine going indefinitely, just by selling oil to China and India. After pivoting away from Europe, Moscow found enthusiastic buyers in Beijing…
Before you skip this banner, we want to tell you something…

The Kyiv Independent doesn’t depend on a wealthy owner or an oligarch — in 2023, 80% of our revenue was from reader contributions . It’s thanks to them that we don’t have to rely on a single owner.

Support us now and help maintain our independent model and keep our articles free for everyone. Your contributions allow us to cover journalists’ salaries, report from the front lines, and fund projects like our War Crimes Investigations Unit.

visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.