scorecardresearchIndia saved ₹35,000 crore by importing Russian crude at a discount rate: Report

India saved 35,000 crore by importing Russian crude at a discount rate: Report

Updated: 19 Sep 2022, 10:59 AM IST
TL;DR.
After sanctions were imposed by the west, Russia turned to India and offered huge discounts on its crude. Within just months, Russia's share of India's oil purchases rose to a record 6%, about 277,000 barrels in April, up from about 66,000 BPD in March.
After G7 leaders agreed to implement a price cap, Moscow has told New Delhi it is willing to provide petroleum at even lower rates than before to India.

After G7 leaders agreed to implement a price cap, Moscow has told New Delhi it is willing to provide petroleum at even lower rates than before to India.