India imported 25 times more oil than ‘friend’ Russia, Modi’s meeting with Putin, what will Biden do?
Despite threats from America in the midst of Ukraine war, India has stood like a rock with its friend Russia. India is buying cheap oil from Russia on a large scale to protect itself from rising energy prices. India’s oil imports from Russia have increased by 25 times amid US sanctions after the Ukraine war. This is helping Russia a lot to avoid being hit by Western sanctions. At the same time, PM Modi is going to attend the meeting of BRICS countries on Thursday, which will also include Russian President Vladimir Putin and Chinese President Xi Jinping.
According to the Wall Street General report, India has increased oil imports from Russia by 25 times since the start of the Ukraine war. Before the start of the war, India used to buy 30 thousand barrels of crude oil from Russia every day in February and in June this figure has reached 1 million barrels per day. This accounts for a quarter of Europe’s imports from Russia. Earlier, the leaders of European countries had announced that they would reduce oil imports from Russia by 90 percent by the end of the year. The report claimed that India has asked its companies to import crude oil on a large scale from Russia.
Western countries including America are continuously putting pressure on India
On the other hand, India has clearly said that the decision to purchase oil rests with the oil companies. Apart from India, Turkey and China have also put their full force to buy cheap oil from Russia. Western countries including America are continuously pressurizing India to reduce the purchase of oil from Russia so that their sanctions affect Russia. Western countries believe that Russia is fighting the Ukraine war on the basis of oil and gas money. Indian company Indian Oil is now working on increasing the purchase of more oil.
Actually, Russia is giving oil to India at a bumper discount and this is the reason why this import is increasing. India is a big importer of oil and due to cheap oil, India is getting huge economic benefits. This is helping a lot in keeping inflation under control. Meanwhile, the meeting of the BRICS countries is going to be held on Thursday. PM Modi, Putin, Xi Jinping, the heads of Brazil and South Africa are participating in this virtual meeting. Putin is attending a meeting involving the world’s top economies for the first time since the Ukraine war.
Putin is not alone in the world, message will go from BRICS
This is a big opportunity for Putin, who is being ostracized from the West, and it is a sign that no matter how many sanctions are imposed on Russia, he is not alone. This message of solidarity with Russia was made more clear when China and Russia announced some time ago that there would be no boundaries in the relationship between the two. No BRICS country including India has so far condemned Russia’s attack. Experts believe that leaders of these large economies are more than willing to appear with Putin. He says that Putin is welcome to BRICS and for India, China, Brazil and South Africa, he is not an untouchable. This conference happens every year and is happening this year too which is very good for Putin.
