India’s decision to buy more Russian oil will
depend on the country’s energy security requirements, the government said
Thursday. “Our approach to oil purchase will be guided by our energy security
requirements,” said Arindam Bagchi, spokesperson for the Ministry of External
Affairs.

India has been buying discounted Russian oil in
bulk since the beginning of the Ukraine war as Moscow has not been able to sell
oil to Western nations that have imposed strict sanctions. Despite criticism
from the United States and the UK, India’s has been steadfast about buying oil
from Russia in accordance to its domestic requirements.

Since February 24, since Russia launched a “special
military operation” on Ukraine which the West has called an “invasion”, India
has bought 34 million barrels of Russian oil, data from Refinitiv Eikon show.
This is three times the amount of oil received from Russia in the corresponding
period last year.

India is heavily dependent on Russian imports.
New Delhi buys fuel, mineral oils, pearls, precious or semiprecious stones,
nuclear reactors, boilers, machinery, mechanical appliances, electrical
machinery and equipment and fertilisers.  

India’s oil import from Russia, in totality
however, is only a small portion of its total oil imports. India imports nearly
80% of its oil, but Russian imports usually form just around 2-3%. Rising oil
prices in recent months has made India more dependent on discounted Russian oil.

Last month, India said that it depends on oil
from all over the world. “Despite attempts to portray it otherwise, energy
purchases from Russia remain miniscule in comparison to India’s total
consumption. India’s legitimate energy transactions cannot be politicised,”
said the country’s Ministry of Petroleum and Natural Gas.

Russia and India are historical allies going
back to the Soviet era. Amid the Russia-Ukraine war, the world’s biggest
democracy has refrained from taking a tough stance against Moscow. India is
also not the only Asian nation buying Russian oil. China, the second largest economy
in the world, buys Russian oil in bulk. The biggest buyer of Russian oil, China
is expected to go on a shopping spree with these discounted rates.