India saves $12.6bn on oil imports through Russian crude

India has saved an estimated $12.6 billion on its oil import bill since 2022 by purchasing discounted Russian crude, according to The Indian Express. Analysts suggest the actual benefits may be even higher, as India’s purchases helped stabilize global oil prices following the outbreak of the Ukraine conflict.

When Western sanctions targeted Moscow’s energy exports in early 2022, Russia redirected much of its crude to Asia, particularly India and China, preventing Brent prices from staying above $100 a barrel for long.

This strategic buying has drawn criticism from the United States. White House adviser Peter Navarro accused India of “profiteering” and acting as a “laundromat for the Kremlin” by refining Russian oil and reselling it at higher prices abroad.

India has firmly rejected the criticism. Oil Minister Hardeep Singh Puri emphasized that Russian crude is not under a full embargo like Iranian or Venezuelan oil, but rather a G7/EU price-cap system designed to keep supplies flowing. He argued India’s approach helped avert a potential “$200 per barrel shock” and stressed that Russia, supplying nearly 10% of global crude, remains vital to world energy security.