Western promises to stop the evasion of anti-Russian sanctions run the risk of being ignored in India, Reuters reported.
The report quoting figures from the Indian Ministry of Commerce, the Asian nation’s annual sales of oil products to Europe have increased by over 70% to $15 billion in the last year, driven by low-cost imports from Moscow.
The pattern indicates that trade restrictions are not foolproof. On Friday, the Group of Seven promised to close sanctions’ loopholes. A European Union ban on the resale of Russian oil is still debatable due to the possibility of a rise in energy inflation.
The war in Ukraine has offered India an opportunity to boost purchases of discounted Russian oil, the international news agency said.
The report quoting Indian official data, crude imports from the under-sanction countries increased from just $2.5 billion to $31 billion in the 12 months leading up to March.
Currently, Russia exports more of the product to the Asian country than either Iraq or Saudi Arabia combined. A portion of the Russian Urals crude consignments, which were purchased at a price a few dollars below the G7 price cap of $60 per barrel set in December, were used for domestic consumption in India and contributed to lower inflation.
