Trade volumes between the two countries for the first half of the year already exceed last year's figure.
India plans to increase the volume of trade with Russia “in the near future”, despite Western sanctions, writes The Indian Express. Mainly due to the purchase of Russian oil at lower prices.
India is the third largest importer of oil in the world. Before the Russian-Ukrainian war, Delhi bought less than 1% of the total volume of crude oil from Moscow, now it is about 22%, and this figure will grow.
From its main suppliers – Iraq and Saudi Arabia, India buys 21% and 16%, respectively.
For the first five months of 2022, the volume of trade between the countries increased to $18.23 billion (for the whole of 2021 – $13.12). At the same time, India's imports from Russia amounted to $17.23 billion, and exports to Russia – $992.73 million.
In the Ministry of Commerce of India, they claim that the use of rupees for energy payments will contribute to the growth of trade with Russia.
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Also read: The G7 coalition agreed to set a fixed price for Russian oil – media
Earlier, US Treasury Secretary Janet Yellen said that India may continue to buy Russian oil oil, but with compliance with the price ceiling.
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This restriction is aimed at reducing world oil prices and limiting Russia's revenues, which are used for the war against Ukraine. The details of the G7 initiative, which is due to start on December 5, are still being discussed. India has not yet responded to questions about its participation in it.
