Since the war and international sanctions, Moscow has become New Delhi’s leading supplier of crude oil. The two giants have quadrupled their trade in one year.
In the weeks following the invasion of Ukraine, European diplomats in New Delhi confided their hope that India would not help Russia to circumvent the sanctions. Five months later, the opposite is happening. New Delhi and Moscow have begun a commercial rapprochement which, at the current pace, will allow them to meet their objective of achieving $30 billion in trade by 2025 two years ahead of schedule. In April and May alone, the two countries have traded for 5 billion dollars of goods, four times more than last year over the same period according to the latest statistics from the Indian Ministry of Commerce.
Russia, pressed to export its hydrocarbons to mitigate the impact of sanctions and finance its war against Ukraine, has become India’s largest oil supplier since June, according to Kpler statistics. Moscow overtook Iraq and Saudi Arabia. While in February, Indian groups had not imported the…
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