Amidst the Ukraine conflict, India is being targeted by Western countries over importing oil from Russia. They are attempting to encircle India from the European Union to the United States. Recently, Foreign Minister Jaishankar criticized the European Union over the issue of Russian oil exports. Now, the American newspaper New York Times has revealed based on shipping data that India is benefiting from Pandit Nehru’s policy of non-alignment in the Ukraine conflict. This policy has allowed India to earn substantial profits from Russian oil. India has maintained strategic economic relations with both the Western countries supporting Ukraine in the conflict and Russia, which have been beneficial for India.
In fact, the United States, Europe, and other countries have imposed several strict sanctions against Russia with the aim of putting pressure on Russia. These countries have also imposed price caps on Russian oil. According to the report by the New York Times, India has now found a new market for this cheap oil, which is purchasing 2 million barrels of oil per day from Russia. This accounts for 45% of India’s total oil imports. It has not only strengthened India’s economy but also provided lucrative business for refining Russian oil.
India’s support for Western countries and Russia in the Ukraine conflict has enabled it to maintain strategic economic relations with both sides.
India’s Foreign Policy: India has adopted a neutral stance in the Russia-Ukraine conflict. The US President, along with Joe Biden, has raised the issue of Russia in their meeting. The United States aims for India to reduce its relations with Russia, which includes defense and energy. India has not given it much attention yet. However, in just one year, India has started purchasing half of its previously minimal Russian oil through maritime routes.
Russia is the world’s third-largest oil producer. Some of Russia’s oil is sent through pipelines, which cannot be easily redirected. However, tanker oil can be easily sent from one place to another. This oil is going to China and India, both of which have purchased 80% of the oil sent by sea in May. India has benefited from this situation amidst falling oil prices. India is now easily getting Russian oil at cheap rates, which it used to buy more from Gulf countries. According to the report, India is obtaining Russian oil at $51 per barrel.
Indian Companies Exporting Oil to Europe: According to the report, India is saving billions of dollars. India is buying cheap oil from Russia, refining it, and then exporting it to the European market at market
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