India negotiating with Russia for cheap oil, Russia exported 63 billion euros during the war

Pankaj Prasad
Pankaj Prasad 04/05/2022 21:09 IST
India negotiating with Russia for cheap oil, India, Russia, Crude oil, Petrol, Brent crude oil

The world's powerful countries have announced the end of trade relations with Russia, many of them are still importing oil, coal and gas from Russia.

New Delhi: European countries including America have mobilized due to the attack on Ukraine. Several tough sanctions were imposed against Russia, in order to protect Ukraine from Russian attacks. Under the leadership of America, countries around the world announced the end of trade relations with Russia. India appealed to stop the war, but did not directly make any statement against Russia.

European countries including America are themselves importing fuel from Russia

Even though many powerful countries of the world have announced the end of trade relations with Russia, many of them are still importing oil, coal and gas from Russia. Russia offered India a discount in oil prices. Now many countries of Asia including India are negotiating oil prices to import oil from Russia. India wants Russia to export oil at less than $ 70 per barrel. Brent crude oil is being sold at the rate of $105 per barrel in the international market.

India has done a deal for 40 million barrels of oil

In the midst of the Russo-Ukraine war, India's government and non-government refineries have signed a deal to buy 40 million barrels of oil from Russia. Bloomberg has said on the basis of data from the Ministry of Commerce that in the year 2021, India imported 20 percent more oil than Russia. There is no ban on the export of oil from Russia to India. However, pressure is being put on India by the US that it should not buy oil from Russia.

PM Modi bypasses the pressure of western countries

Prime Minister Narendra Modi has so far bypassed the pressure of Western countries, because there is an offer of huge discount on oil from Moscow. India, the world's third largest oil importer, imports many weapons from Russia. According to the report of Times of India, if there is talk between India and Russia on oil prices, then our government refineries here can import 15 million barrels of oil. This is 10 percent of the total imports.

Russia exported 63 billion euros of fuel during the war

Meanwhile, the Center for Research on Energy and Clean Air has released a list of countries that have imported fossil fuel from Russia after the attack on Ukraine. Russia has exported 63 billion euros (about Rs 5,061.94 billion) since the start of the war in February. The countries that have made the most purchases include Germany, Italy, China, Netherlands, Turkey, France, Belgium, Spain, South Korea, Poland, Slovakia, Hungary, Austria, Greece, Czech Republic, Japan, Bulgaria, America and Egypt.

EU imported 71 percent of fuel

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The European Union, which is totally against Russia, imported 71 percent of fossil fuels (coal, oil products, LNG, coal, crude oil, pipeline gas). China, Korea, Japan and the US have also imported more fuel from Russia than India.

Category: Business


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