According to a report by Reuters dated August 22, 2023, India has surpassed China as the leading importer of Russian oil, achieving this status in July 2023. This shift occurred as Chinese refiners reduced their purchases owing to diminished profit margins associated with fuel production. The data indicates that, since the onset of Russia’s extensive invasion of Ukraine in February 2022, trade relations between Russia and India have noticeably strengthened. India has emerged as a principal buyer of Russian oil, despite the growing threats posed by U.S. sanctions on this trade.

In July, the proportion of Russian oil within India’s total imports reached an unprecedented level of 44%, equating to an intake of 2.07 million barrels per day. This figure represents a 4.2% increase from June and a 12% rise compared to the same month the previous year, as reported by sources from trade and industry. In contrast, China’s intake of Russian oil during July was recorded at 1.76 million barrels per day, as per Chinese customs data, clearly demonstrating India’s dominant position.

An Indian refining source elaborated, stating, “India’s requirement for Russian oil is going to go up as long as there are no further tightening of sanctions.” In terms of oil imports, Iraq has continued to hold its position as India’s second-largest supplier for July, followed by Saudi Arabia and the United Arab Emirates.

While New Delhi advocates for a diplomatic resolution to the ongoing conflict in Ukraine, it simultaneously continues to foster extensive economic relations with Moscow. Notably, Indian Prime Minister Narendra Modi is scheduled to visit Ukraine on August 23, coinciding with the eve of Ukraine’s Independence Day. This historic visit marks the first instance of bilateral relations between the two nations at such a high level. The preceding month also saw Prime Minister Modi’s visit to Russia, where he engaged in discussions with President Vladimir Putin, a meeting that attracted significant media attention, including a widely criticized embrace between the two leaders.

In conclusion, India’s ascendance as Russia’s largest oil importer highlights the complex dynamics of international trade amidst geopolitical tensions. As sanctions shape global oil markets, India’s continued reliance on Russian oil underscores the intricate interplay between economic interests and diplomatic endeavors.

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