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Lauded for ‘self confidence’, who snapped up Russian oil defying the superpower? | Mint - Mint

Mint · last updated

Lauded for ‘self confidence’, who snapped up Russian oil defying the superpower? | Mint

Chris Wood of Jefferies said that despite initial pressures from the US on New Delhi, the Modi government ‘has been consistent in its public stance that it will continue to act in its own national self-interest, which is to buy cheap Russia oil.’

India's oil purchases from Russia have risen sharply after the invasion of Ukraine in February 2022, with total imports reported to have surged tenfolds last year, despite efforts by the West to convince nations around the world to isolate Russia. A report by BBC said that Russian oil accounted for just 2 per cent of India's annual crude imports in 2021, but the figure now stands at almost 20 per cent, according to state-owned lender Bank of Baroda.

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