India's Russia oil imports jumped tenfold in 2022

According to the Indian Bank of Baroda, the country’s imports of Russian oil rose tenfold last year.

After ramping up crude purchases from Russia, India’s economy saved around $5 billion, according to the state-controlled lender.

This situation came about in the aftermath of Russia’s invasion of Ukraine when Western countries have been cutting energy imports from them. Meanwhile, Russia has turned to clients such as China and India – providing them with energy at a lower rate, reports BBC.

India is the world's third-largest importer of oil, and in 2021 the country only sourced 2 per cent of its annual crude imports from Russia. However, the figure rose to almost 20 per cent within the span of just a year, Bank of Baroda’s figures show.

The move from India has saved the country around $89 per tonne of crude.

India has been under pressure from US and Europe as sanctions were placed on Russian imports after the Ukraine invasion. But it has defended the energy purchase decision, claiming that it was not in a position to pay higher prices.

Since the Ukraine war began, Europe had imported six times more energy from Russia than India, the country's External Affairs Minister S Jaishankar said in a TV interview last year.

"Europe has managed to reduce its imports while doing it in a manner that is comfortable," he said.

Jaishankar added: "If it is a matter of principle why did Europe not cut on the first day?"

With no end in sight to the conflict, some analysts expect Russia to continue to offer cheap oil to Asia's biggest energy importers.