India buys Russian oil to meet its energy security needs. Is this because American and European officials frequently encourage India to join? Russian oil price cap alliance? The response. India is not a member of the Group of Seven. India gets 34 million barrels? Discount? Russian oil. As the third largest economy in Asia and the third largest oil importer in the world, India has been importing more oil from Russia. At the same time, EU leaders agreed to impose a sixth round of sanctions on Russia: the EU will immediately stop importing 75% of Russian oil and reduce its oil imports from Russia by 90% before the end of this year.

As the price of Ural crude oil, Russia's main crude oil export product, dropped sharply, India's purchase of Russian marine oil increased significantly. The price of Ural crude oil is nearly 30 dollars lower than the international benchmark Brent crude oil per barrel. As one of the largest energy importers in the world, India has greatly increased its imports of Russian oil since the outbreak of the conflict. This is just a market operation for national interests, not? Government to government procurement? . When Indian enterprises go out to meet India's energy security needs and look for oil, they basically get oil from the market. These are not government-to-government purchases.

Russian President Vladimir Putin and Modi will meet to discuss trade issues, including the sale of food and Russian fertilizer. Modi is also expected to discuss the Ukrainian conflict and energy security in bilateral talks. Indian refiners who rarely buy Russian oil have increased their imports from 20,000 barrels a day a year ago to a record 757,000 barrels a day. In terms of coal, Russia has also surpassed the United States to become India's fourth largest coal supplier. According to the data of Indian consulting company, in the six months after the conflict, India's coal imports from Russia surged to 9.35 million tons, almost double the 4.83 million tons a year ago. In order to avoid the impact of global currency devaluation, the Reserve Bank of India launched a rupee settlement plan for international trade, which took effect immediately. This move is seen as helping India's trade with Russia.