India continues to buy more Oil from Russia despite the Western pressure
Is India taking a gamble?
Now, recently, the Russian government said that Russia’s oil and petroleum export products to India have approached about $1 billion, and we are hoping that this figure might increase. Now, this comes at a very interesting time when Russia is facing a series of sanctions from European nations and the US mainly. Recently the American president announced that they will be banning the import of Russian oil and gas into their own country. Thus, Russia has lost the order of US imports of about seven lakh barrels of oil per day. Similarly, the European market has also cut down significantly on the oil and gas supply from Russia, which is about 4.5 million barrels a day.
In effect, Russia right now has a lot of unsold oil and gas and it is looking for a market where they can sell this and this is where India comes into the picture.
Now, this is a very interesting situation right now from both sides. First, from the Russian side, as we know, Russia is under a lot of pressure because of the economic sanctions that have been imposed on them. For Russia, the two major sources of foreign exchange are their weapons and their oil and gas. Oil and gas being under a lot of severe pressure because of Western countries’ sanctions, Russia is now…
