The Indian local newspaper Financial Express reported that Indian imports from Russia have more than tripled since the beginning of the Ukraine crisis and now amount to $4.67 billion. India is caught between two fronts, on the one hand, Russian manufacturers have lowered prices, and on the other hand, there is intense pressure from the West to boycott Russian products.
“The increase in imports is due to the Indian authorities wanting to reach a good deal with Russian producers to cope with the shortage of crude oil and other resources such as coal and fertilizer,”the Financial Express said.
Between February 24 and May 8, Indian purchases of Russian crude oil increased 393% to $1.86 billion. Similarly, purchases of petroleum products increased 175% to $560 million.
With imports from Russia on the rise, India is seen as indifferent to the West, which has put pressure on countries not to buy “cheap” oil from Russia.
Indian Finance Minister Niramala Sitaraman argued that the country’s interests and energy security come first in such measures. So there is no reason not to buy if the oil has a good price.