icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
27 May, 2022 16:58

Russia ramps up crude sales to India

Deliveries increased by 1.5 times in March, data shows
Russia ramps up crude sales to India

Shipments of Russian oil to India exceeded 396,000 tons in March, according to the Ministry of Commerce. That is more than a 15% rise from the previous month and a 40% increase on an annual basis.

Overall, India has imported 56.7 million tons of Russian oil since the start of this year, which is 12% more than a year earlier.

According to Refinitiv Eikon data, shipments of Russia’s Urals crude to India have risen since the launch of Moscow’s military operation in Ukraine.

Western sanctions on Moscow have opened up the opportunity for Indian refiners to increase purchases of Russian oil at discounted prices, as some European customers have been shunning Russian crude. Previous media reports have indicated that the world’s third-biggest oil importer was seeking Russian crude at less than $70 a barrel to compensate for the additional hurdles due to sanctions.

According to preliminary data from Refinitiv, India’s oil purchases from Russia are set to increase further to around 487,500 tons this month.

For more stories on economy & finance visit RT's business section