The west has not been able to convince India of the ‘moral need’ to ban trade with Russia in the wake of the Ukraine war. New Delhi’s decision to not be bullied into submission has reaped benefits for the country. Reports say that India’s oil product exports soared 70% compared to last year on theback of discounted Russian crude imports.
Western nations have imposed sanctions on oil trade with Russia and also implemented a price cap on purchase of Russian crude starting this month – as of December 5th the price cap was maintained at $60/barrel. The strategy proposed by the US and imposed by the group of seven industrialised nations (G7) exempts Russian oil from international trade that is above the price cap. India has refused to join the scheme.