India is estimated to have gained ₹35,000 crore by importing Russian crude at discounts since the Ukraine conflict began in February, TOI reported quoting sources.
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. In April, Russia became the fourth-largest oil supplier to India, up from its 10th position. By the end of June, Russia overtook Saudi Arabia to become India's second-biggest supplier of oil behind Iraq.
India has emerged as the second-largest buyer of Russian crude after China. Russian oil accounts for 12% of the country’s total oil purchase against less than 1% before the war.
Data sourced from the commerce department showed that from April-July, India’s mineral oil imports from Russia soared over eight times to $11.2 billion, compared with $1.3 billion in the corresponding period last year. Since March, when India stepped up imports from Russia, imports have topped $12 billion, against just a shade over $1.5 billion last year. Around $7 billion of these imports took place in June and July, the report said.
