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India Russia Oil Imports: How India Profits From Its Neutrality In Ukraine War Setback To US European Union

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Washington/Moscow/New Delhi: In the midst of Ukraine war, India is on the target of western countries for importing oil from Russia. From European Union to America, they are trying to surround India. Recently, Foreign Minister Jaishankar had bashed the European Union on the issue of export of Russian oil. Now the American newspaper New York Times has revealed on the basis of shipping data that India remained on Pandit Nehru’s policy of non-alignment in the Ukraine war. The advantage of his policy is that he has earned a lot of money from Russian oil. India has maintained strategic economic ties with both the West supporting the Ukraine war and Russia, which is giving it an advantage.

Actually, America, Europe and other countries have imposed many tough sanctions against Russia. The aim of these countries was to bring Russia to its knees through sanctions. Not only this, western countries also put a price cap on Russian oil. According to the New York Times report, this cheap oil has now found a new market like India, which is now buying 2 million barrels of oil per day from Russia. According to the report of the International Energy Agency, it accounts for 45 percent of India’s total oil imports. Not only did it strengthen India’s economy, but Russia’s cheap oil also gave India a very profitable oil refining business.
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India is getting very cheap Russian oil

According to the report, this refined oil was in dire need in other parts of the world. This included the European Union which had banned buying oil directly from Russia. PM Modi has taken a neutral stand in the Russia-Ukraine war. The issue of Russia has come up in the meeting with US President Joe Biden. The US is trying to reduce India’s ties with Russia, which include defense and energy. India has not yet given it special attention. In just one year, India, which used to buy very little Russian oil, now buys half of Russian oil shipped by sea.

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Russia is the third largest oil producing country in the world. Some of Russia’s oil is sent by pipeline. Its destination cannot be changed easily. But tankers oil can be easily sent from one place to another. It is going to China and India, which bought 80 per cent of the oil shipped by sea in May. India has taken advantage of this situation in the midst of falling oil prices. India is now getting Russian oil easily at a cheaper rate which earlier used to buy more oil from Gulf countries. The report says that India is getting Russian oil at $51 per barrel.
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Indian companies are exporting oil to Europe

According to the report, it is saving billions of dollars. India is refining cheap oil from Russia and then exporting it to Europe at market rate. Indian companies are also benefiting a lot from this. According to the rules of Europe, taking oil from another country and exporting it is not illegal. In such a situation, European countries are not able to do anything even if they want to. Due to this India’s foreign exchange reserves are also increasing.

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