Data indicates that Indian refiners may have saved at least $10.5 billion by purchasing cheaper Russian oil.
Following the start of the conflict in Ukraine, Indian refiners probably increased their purchases of cheap Russian crude oil, which resulted in savings of at least $10.5 billion in foreign exchange between April 2022 and May 2024, according to The Indian Express's study of India's official trade data.
Oil is a product that is buried deep on the trade list between Russia and India, and it has never historically been a major foundation of their relationship. However, the start of the conflict in Ukraine and its aftermath drastically altered that, elevating oil to the top of the priority list for commerce between Moscow and New Delhi. Prime Minister Narendra Modi noted that Russia's assistance enabled India to supply fuel to its sizable population despite the fact that many other nations were experiencing an energy crisis during his trip to Moscow earlier this week. Modi added that the world ought to acknowledge that stability was introduced to the international energy markets by the oil trade between Russia and India.
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