India ups Russian oil imports 33 times

India bought a record amount of Russian oil last month, importing 33 times more in December 2022 than a year earlier, Bloomberg writes.

Maxim Bogodvid / RIA Novosti

According to Vortexa Ltd, the world’s third-largest crude importer bought an average of 1.2 mio barrels a day from Russia in December, or 29% more than in November.

Russia has become India’s largest source of oil, having overtaken Iraq and Saudi Arabia a few months ago.

Indian refiners have been buying Russian oil at a discount since many Western and other buyers rejected Russian imports due to the Ukraine developments and the anti-Russia sanctions.

The sharp increase in December may be the result of growing discounts due to additional sanctions from the G7 and the European Union including the $60 price cap.

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