India's Russian Oil Imports More Than Double Last Year After Ukraine Crisis...Criticism Over Sanctions Loophole

Over 40 Million Barrels of Russian Oil Imported in 2 Months
EU Warns After US... "Impact of Ukraine War to Expand"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] India’s oil imports from Russia after the Ukraine crisis have been recorded at more than twice the total imports of last year. Following the United States, the European Union (EU) also issued warnings that India could become a loophole in sanctions against Russia.

On the 25th (local time), Reuters reported that Indian refiners ordered over 40 million barrels of Russian crude oil since Russia’s invasion of Ukraine on February 24, surpassing twice the amount imported throughout last year. India’s Russian crude oil imports last year totaled 16 million barrels.

Known as the world’s third-largest crude oil importer, India used to import only about 2-3% of its average annual crude oil from Russia. However, with the recent surge in oil prices pushing international crude prices well above $100 per barrel, India has sharply increased its imports of Russian crude. Russia, facing blocked oil export routes due to U.S. and Western sanctions, is reportedly exporting oil to India and China at prices lower than the international market.

The U.S. and Western countries have raised concerns that India’s increased imports of Russian oil could serve as a means to circumvent sanctions against Russia, issuing warnings to the Indian government. On the same day, Ursula von der Leyen, President of the European Commission, who visited New Delhi and held talks with Indian Prime Minister Narendra Modi, stated, “Cooperation between China, a competitor of India, and Russia is strengthening, and Russia’s invasion of Ukraine could set a precedent for China to expand its influence in the Indo-Pacific region.” She added, “The repercussions of the Ukraine war will also have a significant impact on the Indo-Pacific region.” This statement is interpreted as an indirect warning against India’s closer ties with Russia and increased oil imports.

Earlier, on the 11th, U.S. President Joe Biden strongly warned during a virtual summit with Prime Minister Modi that “increasing imports of Russian energy and other goods is not in India’s interest.” The U.S. and EU are reportedly prepared to assist India in diversifying its energy imports and are urging a reduction in oil trade with Russia.

However, India is not only maintaining but increasing its dependence on Russian arms imports as well. CNN pointed out, “From India’s perspective, there is concern that worsening relations with Russia could reduce imports of Russian weapons, making it difficult to secure strategic weapons needed to counter China and Pakistan.”

This content was produced with the assistance of AI translation services.