India ramps up Russian oil imports amidst Western sanctions

In July, India's import of crude oil from Russia averaged approximately 329,000 cubic metres per day, representing a 12% increase compared to last year, while China imported about 280,000 cubic metres per day during the same period, Reuters reported on Thursday.

Russian crude oil accounted for a record 44% of India's total imports last month. For comparison, in 2021, prior to Russia's conflict with Ukraine, Russian oil comprised only 2% of the annual imports.

According to the data published by Reuters, the record of 329,000 cubic metres per day is 4.2% higher than in June and 12% higher than in July 2023.

Customs data in Beijing indicates that crude oil imports from Russia amounted to about 280,000 cubic metres per day.

After Moscow launched a full-scale conflict against Ukraine in February 2022, India and China became the principal markets for Russian resources, which were sanctioned primarily by the EU and the USA. These restrictions aimed to cut off funding for Russia's war activities. Despite pressure from the USA and Europe, both countries have refused to comply with Western sanctions imposed on Russian imports.

Both China and India also refrain from condemning the Russian invasion and directly blaming Russia for what Moscow calls a special military operation.

A few weeks ago, Indian Prime Minister Narendra Modi met with Vladimir Putin in Moscow.

Since Wednesday, the head of the Indian government has been in Poland, where on Thursday he met with Prime Minister Donald Tusk, and then with President Andrzej Duda.

On Friday, Modi will have a meeting in Kyiv with Ukrainian President Volodymyr Zelensky.