India has significantly increased its purchases of Russian oil post-Ukraine invasion, now accounting for about 37% of its crude imports. This shift toward Russian oil is seen as opportunistic and undermines global efforts to isolate Russia. India defends its purchasing decision as leveraging cheaper sources of oil amid a $60-per-barrel price cap imposed by G7 nations. U.S. officials acknowledge that India's ability to buy discounted crude plays into this context. Critics argue that profiteering by India's Big Oil lobby, rather than domestic needs, drives this trade.
The dramatic increase in India's purchases of Russian oil since the invasion of Ukraine is "opportunistic and deeply corrosive" of a global effort to isolate the Kremlin and curb Vladimir Putin's war machine.
India's ability to purchase discounted cargoes was a feature of that mechanism acknowledged by U.S. officials. Russia accounted for a negligible portion of India's total imports in 2021, and the country has tended to depend far more heavily on the Middle East.
The threat of penalties and additional tariffs for buying Russian crude is "unreasonable" and "extremely unfortunate," Randhir Jaiswal, a foreign ministry spokesperson, said earlier this month.
This surge has not been driven by domestic oil consumption needs. Rather, what really drives this trade is profiteering by India's Big Oil lobby.
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