Discounted Russia crude gives India Rs 35,000 crore gain

NEW DELHI: India is estimated to have gained Rs 35,000 crore by importing Russian crude at discounts since the Ukraine conflict began in February, people in the know said.

India went on bargain hunting for Russian crude as the conflict prompted Moscow’s traditional buyers to shun those barrels and traders, stuck with shipments, started offering big discounts. India has opted to import crude from Russia despite pressure from developed nations to shun shipments in the wake of Moscow’s decision to attack Ukraine.

The country has emerged as the second-largest buyer of Russian crude after China. Russian oil accounts for 12% of the country’s total oil purchase against less than 1% before the war. In July, Russia became India’s second-largest oil supplier, relegating Saudi Arabia to the third spot.