India’s payment to Putin’s government is still far less than that of China. Let’s take a look at exactly what India and China are spending on Russian oil in the present market.
In 2022 compared to 2021, both India and China increased their purchases of Russian oil, but for separate purposes, as Katharina Buchholz of Statista explains below.
Between March and May of this year and 2021, China’s expenditure on the commodity increased by 78%. Bloomberg reported that this increase can be attributed to the rising cost of oil on the global market. Oil is sent to China from Russia via pipelines that traverse their common border, which reduces the cost of supply but also makes it more difficult to expand it. A further indication that China’s spending increase is for roughly the same amount of oil as before the Russian invasion of Ukraine is the simple truth that China had already been purchasing the majority of the oil that could be transported out of Russia’s Pacific ports. Since the Russian war in Ukraine began, China has not substantially increased spending on oil, but it has not either tried to decrease it either.
This demonstrates that India has been purchasing more cargoes of Russian oil, which, according to the study, are coming from Russian ports in the country’s western region and are typically sent to Europe. However, because European nations have stopped purchasing Russian oil, India has begun accepting additional shipments at reduced costs because the route would typically be too long to be profitable.
The data also reveals that despite a surge in sales, India’s payment to Putin’s government is still far less than that of China. China spent $15.7 billion for the three-month period, compared to India’s $3.5 billion.