Russia’s increasing share of the Indian oil market

By June 2022, Russia’s share of India’s oil imports had risen from a mere 2% in February 2022—before the Ukraine war—to 18%. Soon after, Russia became India’s second-largest crude oil supplier after Iraq.


The constant lowering of prices compelled Iraq also to follow suit, although that didn’t stop Russia from becoming India’s top supplier.

India stood its ground in the face of criticism from the West over this association.


“Russia has been a steady and time-tested partner. Any objective evaluation of our relationship over many decades would confirm that it has actually served both our countries very, very well,” foreign minister S Jaishankar said in Russia in November 2022, confirming a continuance of policy.

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