Despite sanctions, Russia has become India’s top oil supplier for the second consecutive year, overtaking Middle Eastern and OPEC producers. India’s increased reliance on Russian oil, purchased at a discount due to Western sanctions over the Ukraine conflict, saw Russian oil accounting for 35% of India’s crude imports in fiscal year 2023/24. This shift has reduced the market share of Middle Eastern oil in India’s imports to an all-time low of 46%. While Iraq remained the second-largest supplier, Saudi Arabia saw a decline in imports due to higher prices.
Russia Tops India’s Oil Suppliers Amid Sanctions
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2024/04/20091026/1708504938-4214-ezgif.com-avif-to-jpg-converter-2.jpg)