India defended its continued purchases of Russian oil on Wednesday, saying they were part of its long-standing effort to diversify its supplies and arguing a sudden halt to imports would jack up world prices and hurt its consumers.
Attracted by discounts, the world’s third-largest crude oil importer has bought more than twice as much oil from Russia since it invaded Ukraine as in the whole of 2021, coming into spotlight at a time when Western sanctions have prompted many oil importers to shun trade with Moscow.
The European Union, the biggest buyer of Russian energy, on Wednesday proposed phasing out imports of Russian crude within six months and refined products by end-2022.
