TOKYO -- India is ramping up oil imports from Russia, cashing in on lower prices due to the Group of Seven's economic sanctions that were intended to dent Russia's war chest for its invasion of Ukraine.
India started corralling Russian crude in April in a radical shift from its prior oil import strategy. In April, Indian imports of Russian oil soared to 390,000 barrels per day and ballooned to 650,000 barrels in May and 980,000 in June, when Russia jumped of ahead of Saudi Arabia to become the second-largest crude supplier to India. The amount remained high in July at 870,000 bpd, according to Reuters.
