Is India Looking To Increase Russian Oil Imports? What Government Said

India today said that its energy security requirements would dictate how much oil it imports from Russia. "Our approach to oil purchase will be guided by our energy security requirements," Arindam Bagchi, the Ministry of External Affairs spokesperson, said when asked if India is looking to increase oil imports from Russia.

India's oil imports from Russia have been rising since Moscow invaded Ukraine on February 24. Since then, India has received 34 million barrels of discounted Russian oil, according to Refinitiv Eikon data, more than trebling the value of total imports from Russia, including other products, compared with the same period of 2021.

India's main imports from Russia include fuels, mineral oils, pearls, precious or semi-precious stones, nuclear reactors, boilers, machinery and mechanical appliances, electrical machinery and equipment, and fertilisers.

As the West responded to the invasion with a barrage of sanctions, India has come under fire for its continued purchases of Russian energy. India has brushed off the criticism, saying those imports made only a fraction of the country's overall needs, and has said it will keep buying "cheap" Russian oil, arguing a sudden stop would drive up costs for its consumers.

Russian and Indian energy companies have also been discussing term supply agreements and possible acquisitions of stakes in Russian oil and gas projects.