Alexander Novak, Russia's deputy prime minister, said Russian oil sales to India jumped 22-fold in 2022 amid sanctions against Moscow over its invasion of Ukraine.
Published: undefined
Last year, as European countries sought to end their dependence on Russian energy supplies and imposed sanctions on Moscow, Russia has shifted its oil exports to India and China.
Published: undefined
Novak said that Russia's energy exports were "redirected" to the "markets of friendly countries," adding that energy revenues accounted for 42% of Russia's federal budget in 2022.
Published: undefined
He said Russia's energy industry was sustainable despite the challenges faced by Western sanctions.
Published: undefined
India had previously exported large quantities of its oil from Africa and rarely bought Russian oil due to high transport costs.
Published: undefined
But last year refiners in India became Moscow's key oil clients as Russia reportedly offered discounted rates. According to the Indian newspaper The Economic Times, India received 1.72 million bpd of Russian oil just last month.
Published: undefined
Published: undefined
Over the last year, observers have defined India's position on Russia's invasion of Ukraine as a muted one. New Delhi has refused to condemn the war or support the Western sanctions.
Published: undefined
At the G20 meet hosted by India, the US repeatedly called for Russia to withdraw its troops from Ukraine. But India refused to condemn the Russian invasion and has called for talks to de-escalate the conflict.
Published: undefined
"We should not allow issues that we cannot resolve together to come in the way of those we can," said Indian Prime Minister Narendra Modi while addressing the gathering.
Published: undefined
Modi has previously said on India's ties with Russia that "the world also knows that it is an unbreakable friendship."
Published: undefined
On the eve of the first anniversary of Russia's war, the UN General Assembly (UNGA) sought to pass a resolution demanding the end of the war.
Published: undefined
India was among the 32 countries that abstained from voting.
Published: undefined
Follow us on: Facebook, Twitter, Google News, Instagram
Join our official telegram channel (@nationalherald) and stay updated with the latest headlines
Published: undefined