India’s oil imports from the United States will rise by 11% this year, officials said on Saturday, as the severely energy-deficient country looks to secure supplies from producers around the world, including heavily sanctioned Russia.
The surge in oil prices following Russia’s invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when it was emerging from a pandemic-induced slowdown.
New Delhi faces criticism from the West for its long-standing political and security ties with Moscow, with some saying that engaging in business with Russia will help fund its war. India has urged an end to the violence in Ukraine but abstained from voting against Russia.
