Since the Russian invasion of Ukraine in February 2022, India has relied on and significantly increased its purchases of discounted Russian oil that is banned in Western and other countries. In the past few years, India purchased US$140 billion of Russian oil, the second largest buyer after China.
Despite international pressure, India has maintained that it would continue to buy Russian oil, citing its national interest, economic necessity and pragmatic approach to energy security in a complex geopolitical landscape.
“We are big importers of energy from across the world, including from the US. We expect to increase our trade with the US on energy products in the years to come,” Goyal said at the US-India Strategic Partnership Forum in New York, according to Indian media reports last Thursday.
