Topline India’s imports from Russia have more than tripled since its invasion of Ukraine earlier this year largely driven by the purchase of cheap oil, a development that comes despite Western criticism of the move as the world’s largest democracy attempts to balance its energy needs, historic ties with Russia along with its growing security partnership with the West. Russian President Vladimir Putin (R) greets Indian Prime Minister Narendra Modi (L) during their … [+] meeting at the Konstantin Palace during the International Economic Forum in Saint Petersburg, Russia.Getty Images Key Facts The total value of India’s imports from Russia has risen to $8.6 billion since February 2022, a sharp uptick from just $2.5 billion during the same period last year, the Times of India reported, citing data from the Indian commerce ministry. Between April and May this year—as the West moved to ban Russian oil—India imported $3.2 billion worth of crude oil from Russia compared to just $210 million in March and zero in February. Besides oil, India imported 774,000 metric tons of fertilizers from Russia in the quarter ending in June 2022, more than 20% of its total fertilizer import during this period, Chemicals and Fertilizers Minister Mansukh Mandaviya told the Indian parliament. India’s decision to buy from Russia has been driven by Moscow’s decision to steeply undercut internatio… Click below to read the full story from Forbes
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How India Fights Inflation: Buying Cheap Russian Oil Despite Western Criticism
