Russia tries to expand its oil business to finance the war in Ukrainebut international sanctions have begun to erode their plans. Vladimir Putin’s commercial partners and customers who previously imported Russian oil are moving away For fear of reprisals from the West.
Among them is Indiaone of the largest buyers of Russian crude since 2022. With the beginning of the conflict against Ukraine, India emerged as a socio crucial for Russia, establishing a commercial relationship of almost 3,000 million dollars per month In oil imports, according to the Clean Energy Research Center. This ratio reached between 1.85 and 1.95 million barrels per day.
However, the latest US sanctions, issued on January 10, 2025, have complicated this link. The sanctions are aimed at more than 180 ships, oil and insurance companies Linked to the Russian energy sector, according to the United States Department of the Treasury.
These measures are looking for hinder Russia’s ability to finance your military machineryand US administration officials estimate that billions of dollars per month could cost the Russian economy.
In responsemany Indian state banks, Like the State Bank of India and the Punjab National Bank, they have begun to Block Russian crude oil payments. In addition, Indian refineries, concerned with secondary sanctions, have already announced Plans transported by ships sanctioned or insured by Russian companies.
Given this situation, India has been exploring alternatives to reduce its dependence on Russian oil. According to Reuters, Indian refineries have closed Agreements with Oman and the United Arab Emirates For the supply of crude. In addition, sanctioned companies such as Surgutneftegaz y Gazprom Neftresponsible for 20% of Russian oil exports to India, and sanctioned ships transported 450,000 barrels per day, They have seen their participation in the Indian market.
