One thing that turned the world upside down in 2022 is the Russia-Ukraine war, not only did the world recover from the coronavirus, but this war turned the world's biggest dream to develop from the beginning of 2022. This war has affected many countries in a big way. In this situation, russia has given the opportunity to save 35000 crore rupees to india alone. It is estimated that india has saved around 35000 crore rupees by importing crude oil at a discounted price given by Russian President Vladimir Putin since the beginning of the Russia-Ukraine war in February. india and china currently import more crude oil than Russia.
Russia's imports accounted for just 2 percent of India's total crude oil imports in the last financial year, but in the first six months of fiscal 2022-23 alone, Russian imports accounted for 16 percent of total oil imports. According to data from crude oil market analysis firm Vortexa, about 909,400 barrels per day from Russia.
Russia became India's biggest oil supplier in november for the second month in a row by crude purchases. india bought 40 percent of Russian seaborne crude oil exports in november more than any other country, according to Reuters estimates based on data from Refinitiv and traders. All the countries started imposing severe sanctions on russia, thereby facing severe trade and revenue impacts. In this situation, india, due to its long-standing friendship with russia, has become increasingly vulnerable to Russia's war on Ukraine.
He did not impose any restrictions and did not protest. In this situation, russia decided to greatly expand trade with india after the war.Based on this, russia buys goods from europe and britain from India. russia has decided to sell the crude oil it exports to europe and britain to India. Due to this war and the trade embargo, india was reluctant to buy crude oil from Russia.
But the Russian government not only provided its own castle insurance for crude oil exported to india but also gave a discount of up to 40 percent per barrel of crude oil. russia started buying crude oil in a few weeks and in the last 3 months, russia has overtaken iran and saudi arabia as India's largest supplier of crude oil. Through this discount import, india has saved about 35000 crore rupees on crude oil import.
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