Making the Right Choices

It is no mystery that India's oil trade has undergone a major shift since Russia's invasion of Ukraine in 2022.

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Once heavily reliant on the Middle East for crude oil, India turned to Russia as a key supplier after Moscow began offering steep discounts. In just a short span, Russian oil went from making up less than 1 per cent of India's imports to around 40 per cent, helping the country save billions in energy costs. However, in the wake of the fresh sanctions imposed by the United States targeting Russia's oil trade a month ago, the situation may again be on a changing course.