India saved USD 13 billion by importing discounted Russian crude

NEW DELHI: India has saved around $13 billion by importing discounted crude oil from Russia in the past two years, according to a study by ICRA, the rating agency.

However, the rating agency’s report also highlights a decreasing trend in the discount on crude year-on-year. India, being one of the largest energy consumers globally, has significantly increased its imports of crude oil from Russia since the latter’s invasion of Ukraine in 2022.