Highlights

  • India's import of Russian oil picks up as Kremlin offers discounts.
  • Crude above $100 hurting govt finances, household budgets

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Watch: India's strong response on Russian oil import

India is dependent less than 3% on Russian oil for energy needs vs 50% for Europe.

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      In a strong response to criticism of India’s purchase of Russian oil, External Affairs Minister S Jaishankar suggested that critics should first focus on Europe who are continuing large imports of Russian gas and oil.

      Also watch | Russia’s war in Ukraine top focus at Modi-Biden virtual meet

      Answering a question about India's import of Russian oil, Jaishankar said, "If you're looking at (India's)energy purchases from Russia, I'd suggest your attention should be on Europe. We buy some energy necessary for our energy security. But I suspect, looking at figures, our purchases for the month would be less than what Europe does in an afternoon."

      Also watch | Explained: How to withdraw cash at ATM without a card

      The comments from the External Affairs Minister as part of 2+2 dialogue with the United States. India currently imports merely 3% of it's oil requirements from Russia compared to Europe that is dependent Moscow and continues to source nearly 50% of it's daily gas needs from Russian pipelines.

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