Moscow and New Delhi have had strong ties for decades, so it can be assumed that the war did not have an impact on the oil trade between the two countries. But, the interesting thing here is that in the last few months, the US has been importing more fossil fuels from Russia than India. This was revealed by the Center for Research on Energy and Clean Air (CREA).
It is noteworthy that Germany topped the list of countries that imported oil from Russia after the start of the war. Italy was second and China was third. The top 10 EU countries are in the top 10, including the Netherlands, Turkey, France, Belgium, Spain, South Korea and Poland. On the one hand, despite the continuing sanctions, Russia exports heavily to meet the needs of other countries and its trade interests. The energy sector alone exported 63 billion euros worth of oil. Of this, 71 per cent is exported to European countries.
Although India buys heavily from Russia crude oil due to the subsidy, it is very small compared to the amount imported by the US. Indian officials say a hefty discount will not be more than $ 30 a barrel, according to several Western reports. In addition, knowledge sources said that the government does not expect the benefit to be large as it will also have to pay for transportation costs, insurance and war premiums. Russian officials have proposed to the government that it be prepared to provide crude oil at a discount as sanctions on energy, food and pharma products do not apply.
“Russian oil exports to India, Egypt and other unusual destinations have caught everyone’s attention … Our data shows a clear increase from almost zero. However, new destinations will not be able to compensate for the slight decline in exports to Europe, ”the CREA said. In the first three weeks of April, coal and crude oil shipments increased by 130 per cent and crude oil by 340 per cent, respectively, compared to January-February.
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