Following the sanctions of the Western bloc, Moscow is struggling to find takers and therefore does not hesitate to sell off its resources. India has responded, significantly increasing its purchases of black gold from the Russian Federation since the start of the war in Ukraine.
With our correspondent in New Delhi, Como Bastin
Since the start of March 2022, India has bought some 360,000 barrels of oil from Russia, almost four times more than during the same period in 2021.
This week, state-owned Indian Oil Corporation and Hindustan Petroleum Corporation booked a total of five million barrels of crude from Russia. At an unbeatable price: around $25 a barrel.
Rising prices at the pump have been causing a lot of discontent among the Indian population for months. But for Lydia Powell, energy expert with the Observer Research Foundation in New Delhi, this purchase must be seen as a political gesture as much as an economic opportunity.
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The price of a barrel has a huge impact on India’s trade balance. But you should know that over the past twenty years, the Asian giant has mainly supplied itself with oil from countries in the Middle East.
Many of its refineries are not suitable for Russian oil. It is therefore also a gesture towards Moscow, because India is dependent on Russia to supply itself with armaments.
India has abstained at the UN on all resolutions condemning the Russian invasion, and does not participate in the sanctions put in place by the Western bloc. It defends its right to trade with Russia, since Europe buys gas from it itself.
For Jen Psaki, press secretary at the White House, this purchase of oil will not violate American sanctions. Washington, however, warns New Delhi that history will remember which side it chooses to support in this war.
