Why is India buying more Russian oil during the Ukraine crisis?

India purchased discounted Russian oil purely for commercial reasons. All thought Indian government saved billions of dollar from this deal, end user consumers in India did not get benefited from the cheaper crude oil and rather government coffers were filled from this oil money. Still, it is better than purchasing oil at international price. As the Joe Biden administration is coming to an end in January 2025, the main highlight of PM Modi’s purchase of Russian oil despite threat of US (not UN) sanctions is PM Modi’s determination to pursue national interest and autonomy in non-alignment policy. India saved $ 25 Billion (till May 2024) from Russian oil import.

P.S. -This post is neither spam nor plagiarised material and follows Quora policy

Picture source: Google / Respective rightful owner

India saved $25 billion by importing Russian crude oil: Ministry data
Imports of petroleum products also saw a dip in terms of value from $28.2 billion in 2022-23 to $25.1 billion in 2023-24

Comments

Popular posts from this blog

Will farm leader Rakesh Tikait make an alliance with Congress?

Has anyone changed his opinion about Narendra Modi?

What do you think about the US and India relations? Why did Narendra Modi visit us?