India saved whopping $7.9 Bn in 11 months by importing Russian oil, ICRA reveals surprising numbers

India saved whopping $7.9 Bn in 11 months by importing Russian oil, ICRA reveals surprising numbers

Since the war broke out between Russia, Ukraine, India’s policy of buying Russian crude oil has been under West’s radar. Critics, especially the Western Media have been questioning India for importing Russian oil amid conflict. However, ICRA’s recent report has revealed that buying Russian crude oil at discounted price has proved to be fruitful for India. ICRA reported that the lower value of Russian oil imports led to savings of $7.9 billion in 11 months of 2023-24. According to the ICRA report, in Financial Year 2023, this estimated savings of India was $5.1 Billion. However, Western Media always questioned India for buying Russian crude oil at a discounted price amid war. But, India stood firm on buying oil amid sanctions, EAM Jaishankar defended India’s Russian oil purchase. In London last year, EAM said that India deserved to be thanked as New Delhi managed global inflation amid war. In volume terms, the share of crude petroleum imported from Russia jumped to ~36% in 11M FY 2024 from 2% in FY 2022, The same from West Asian countries (Saudi Arabia, the UAE and Kuwait) fell to ~23% from ~34%. ICRA expects India’s net oil import bill to widen to $101-104 billion in FY 2025 from $96.1 billion in FY 2024

#ICRA #IndiaRussia #RussianOil

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