https://sputniknews.in/20230816/indias-import-from-russia-doubles-as-oil-fertilizers-supplies-surge-3632330.html
India's Import from Russia Doubles, as Oil, Fertilizers Supplies Surge
India's Import from Russia Doubles, as Oil, Fertilizers Supplies Surge
Sputnik India
New Delhi's overall imports from Moscow during the first four months of 2023 witnessed a 100 percent rise compared to the corresponding period last fiscal, statistics from India's Commerce Ministry showed.
2023-08-16T15:04+0530
2023-08-16T15:04+0530
2023-08-16T15:04+0530
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While the total value of India's imports from Russia between April-July this year stood at $20.45 billion, which was worth $10.42 billion during the same period last year.The massive jump in figures could be attributed largely to India's record crude purchases and fertilizer supplies from its close ally at a time when Western nations have shunned supplies of Russian oil following its special military operation in Ukraine.Additionally, fertilizers from Russia contribute a small portion to these imports compared to oil.Since last year, India has emerged as the second largest importer of Russian oil after China, with purchases topping the two million per day barrel mark every month since June.Contribution of Russian Imports to India's Crude Basket From having less than a 1 percent share in India's oil market before February 2022, Russia now commands a 44 percent stake in the country's crude basket. Last week, an energy expert told Sputnik India that New Delhi's imports of green gold from Moscow were backed by unwavering government support.For months, the government led by Prime Minister Narendra Modi has faced pressure from the West, especially the administration of US President Joe Biden to part ways with its long-time and trusted partner.But New Delhi has repeatedly rebuffed such overtures with Indian Foreign Minister Subrahmanyam Jaishankar underlining that deliveries of Russian oil to India were based on the premise of its national interests.
https://sputniknews.in/20230811/indias-russian-crude-imports-backed-by-substantial-government-support-expert-3550585.html
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India's Import from Russia Doubles, as Oil, Fertilizers Supplies Surge
India's overall imports from Russia during the first four months of 2023 witnessed a 100 percent rise compared to the corresponding period last fiscal, the statistics from India's Commerce Ministry showed.
While the total value of India's
imports from Russia between
April-July this year stood at $20.45 billion, which was worth $10.42 billion during the same period last year.
The massive jump in figures could be attributed largely to India's record crude purchases and fertilizer supplies from its close ally at a time when Western nations have
shunned supplies of Russian oil following its special military operation in Ukraine.
Additionally, fertilizers from Russia contribute a small portion to these imports compared to oil.
Since last year, India has emerged as the second largest importer of Russian oil after China, with purchases topping the two million per day barrel mark every month since June.
Contribution of Russian Imports to India's Crude Basket
From having less than a 1 percent share in India's oil market before February 2022, Russia now commands a 44 percent stake in the country's crude basket.
Last week, an energy expert told Sputnik India that New Delhi's imports of green gold from Moscow were backed by unwavering government support.
"Indian refiners have garnered
substantial government support in sustaining Russian exports," Arpit Chandna, a specialist in oil trade, associated with global market research firm Refinitiv said.
For months, the government led by Prime Minister Narendra Modi has faced pressure from the West, especially the administration of US President Joe Biden to part ways with its long-time and trusted partner.
But New Delhi has repeatedly rebuffed such overtures with Indian Foreign Minister Subrahmanyam Jaishankar underlining that deliveries of Russian oil to India were based on the premise of its national interests.
