Despite Western efforts to alienate Moscow via sanctions, India might bail out Russia by accepting an offer to purchase crude oil as well as other goods at a bargain.
India, which imports 80% of its oil, normally only purchases approximately 1% from Russia. However, with oil prices up 40% already this year, the administration is considering raising it if it may assist lower the government’s soaring energy cost, reports Dailymail.
‘Russia is offering oil and other commodities at a heavy discount. We will be happy to take that,’ said an Indian government official, refusing to say how much oil was on proposition or even what the rebate was.
The person went on to say that such a deal would necessitate preliminary work such as shipping, insurance, and obtaining the correct blend of oil, but once that was completed, India would accept Russia’s proposal.
In 2021, Iraq was India’s main crude oil provider, contributing for 25% of the country’s overall crude imports.
Other major suppliers included Saudi Arabia (16%), the United Arab Emirates (11%), Nigeria (8%), and the United States (7%).
After China relaxed wheat import limitations at the end of February, India has become the latest nation to give a sanction-busting lifeboat as the Russian-led conflict approaches its third week. Reservations about Russia’s attempts to avoid diseases in plants, especially in agricultural crops, had limited imports.
Neither Beijing nor New Delhi publicly denounced Russia’s operation in Ukraine, and both refrained from a United Nations resolution last month condemning Russian intervention.
Both countries are treading a political tightrope in an effort to maintain critical trade ties with Russia, which is currently experiencing major economic difficulties as a result of sanctions.
Meanwhile, in 2021/22, the UK would contribute £55.3 million in support to India, a nation that has its own space program, increasing from £41.5 million in 2020/21.
In recent weeks, US authorities have stated that they want India to remove themselves as far as feasible from Russia, while acknowledging India’s strong dependence on Moscow for everything from weaponry and ammunition to missiles and fighter jets.
India’s security establishment, according to one source, understands the West’s perspective, considering the country’s necessity to maintain its armed forces well-supplied amidst ongoing border conflicts with China.
According to Reuters, Indian officials are attempting to establish a rupee-rouble arrangement with Russia in order to maintain bilateral commerce.
Russia has encouraged friendly countries to keep their economic and investment links intact.
According to one of the officials, India is searching for affordable fertilizer from Russia as well as its ally Belarus, in addition to oil.
Officials in India have stated that they will not be able to substitute Russia with other suppliers in the near future, notably in the defense industry.
Notwithstanding a major drop over the last decade, India’s military hardware dependency on Russia is still just as large as 60%.
US officials have refused to specify whether India would face sanctions if Russia delivered five S-400 missile systems as part of a $5.5 billion contract negotiated in 2018.
Despite a US rule intended at discouraging nations from purchasing Russian military hardware, preliminary supply of the system began late the year before.
India is broadening its military suppliers, according to Ely Ratner, US Assistant Secretary of Defense for Indo-Pacific Security Affairs, who spoke before the US Congress last week.
‘We recognize that India has a complicated history and relationship with Russia. The majority of the weapons that they buy are from the Russians,’ he said.
‘The good news is that they are in a multi-year process of diversifying their arms purchases away from Russia – that’s going to take some time.
‘But they are clearly committed to doing that, including the indigenization of their own defense industry and that’s something we should support.’
Last week, British Foreign Minister Liz Truss said that greater commercial and defense connections with India should be pursued to assist India minimize its dependency on Russia.
New Delhi has reduced its defense purchases from Russia by 53% since 2011.
Former Indian ambassador to Russia D. Bala Venkatesh Varma stated New Delhi should not be asked to incur a cost for a worldwide power struggle.
‘This is not a fight we have created,’ he said in an online conference on Monday.
During their Friday phone discussion, Ukrainian President Vlodymyr Zelensky urged US President Joe Biden to shut Russia off from international waterways.
More sanctions against Kremlin insiders, as well as additional isolation of Russia from global commerce, were among his demands, according to those acquainted with the call.
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