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India attempts to diversify energy sources with cheap Russian oil

Despite Western pressure, New Delhi says more imports from Moscow are best for nation

Russian President Vladimir Putin, left, shakes hands with Indian Prime Minister Narendra Modi ahead of their meeting in New Delhi on Dec. 6. 2021.   © Reuters

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.

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