Skip to content

India Says Share of Russian Oil in Total Purchases Jumped 6 Fold

India says Russian oil now accounts for 12% of its overall purchases of the commodity, with the ratio surging six-fold in the past few months, as Asia’s third-largest economy seeks to slow inflation back to target.

“We speedily ramped up Russian oil imports from 2% to 12%,” Finance Minster Nirmala Sitharaman said at event in New Delhi on Thursday, referring to the share of Russian oil out of the total purchases of the world’s third-largest buyer of the commodity that imports 85% of its fuel requirements.