India likely gained Rs 35,000 crore by importing discounted Russian crude amid the ongoing Ukraine crisis even as the West imposed sanctions, according to a report by The Times of India.
After Moscow's usual buyers shunned crude, India decided to buy Russian oil at a discounted price to combat the inflationary pressures back home.
India had ignored the West's entreaties not to buy Russian oil, framing its purchases of discounted Russian crude as a necessity at a time of rising prices — even as Ukraine’s top diplomat said “the discount has to be paid by Ukrainian blood.”
Russia has remained the main source of energy and cheaper arms for India’s military.
India's crude oil imports from Russia have jumped over 50 times since April and now it makes up for 10 per cent of all crude bought from overseas.
India has not yet condemned the Russian invasion of Ukraine and it has been maintaining that the crisis must be resolved through diplomacy and dialogue. However, in his strongest stance against Moscow, Prime Minister Narendra Modi at the SCO Summit on last week pushed Russian President Vladimir Putin to end the conflict in Ukraine, saying "today's era is not of war".
(With agency inputs)
Published 19 September 2022, 11:53 IST