In the past few years, India has become one of the biggest buyers of Russian oil. This started when the West imposed sanctions on Russia after the invasion of Ukraine in 2022. With Western companies pulling out, Russia needed a new market for its oil, and India stepped in. But now, things are changing, and many traders are backing out of these oil deals. Why? The reason lies in Russia's soaring interest rates and the rising costs to fund these trades.
How India Became a Key Buyer of Russian Oil
After the sanctions, Russia couldn’t sell its oil to Western countries, and India became one of the top buyers. Russian oil is cheaper than oil from other countries, which makes it attractive for Indian refineries. Since 2022, Indian companies have been importing more and more crude oil from Russia, making it a significant part of their oil supply. This deal became highly profitable for traders, as they could make big money moving Russian oil to India.
The Rise of New Oil Traders
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