11th May, 2022
India’s imports from Russia has witnessed a jump of more than threefold since the beginning of the Ukraine conflict, in spite of pressure from Western nations, a local report stated on Wednesday.
Financial Express reported that the increase in imports up to 4.67 billion U.S. dollars from a year before, has been attributed to the discounted prices offered by Russian suppliers.
The report said the surge in shipments from Russia was due to New Delhi’s efforts to strike good deals with Russian suppliers to tide over a growing shortfall of crude oil and other inputs like coal and fertilizers.
It added that between February 24 and May 8, India’s purchases of crude oil from Russia jumped 393 per cent to 1.86 billion dollars, while those of petroleum products surged 175 per cent to 560 million dollars.
“Similarly, imports of coal, coke and briquettes climbed 277 per cent to 630 million dollars and fertilizer purchases saw a multi-fold jump to 376 million dollars from 43 million dollars,” it said.
The surge in imports from Moscow is seen as New Delhi’s commitment to chart its own path despite mounting Western pressure to shun “cheap” Russian oil.
India’s Finance Minister Nirmala Sitharaman earlier defended the move, saying: “I will put my country’s interest first and energy security first.
“If oil is available and at a discount, why shouldn’t I buy it.”
The report, however, said India’s exports to Russia crashed 57 per cent year-on-year to just 266 million dollars during this period. (Xinhua/NAN)