Decoding Russia’s reliance on Indian petroleum products
Russia has begun importing refined petroleum products from India following Ukrainian attacks on its domestic refineries. This shift marks a change in trade dynamics, as India continues to balance its heavy reliance on Russian crude oil with international geopolitical pressures.
Why it matters
The report highlights the complex and shifting nature of global energy trade routes and the impact of the Russia-Ukraine war on international markets.
Recent Ukrainian attacks on Russia’s oil refineries has resulted in the latter importing refined petroleum products from India in significant quantities for the first time, at least since the Russia-Ukraine war started in February 2022.
As per multiple media reports, including one by the Press Trust of India , Indian refiners sent about one million barrels over the last two months, alongside Turkey and Morocco. Russia’s import of petroleum products from India has remained negligible in the past, accounting for less than one per cent of India’s petroleum exports. The bulk of exports went to countries like the Netherlands, Australia and the UAE.
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