How India Fights Inflation Buying Cheap Russian Oil Despite Western

India’s imports from Russia have more than tripled since its invasion of Ukraine earlier this year largely driven by the purchase of cheap oil, a development that comes despite Western criticism of the move as the world’s largest democracy attempts to balance its energy needs, historic ties with Russia along with its growing security partnership with the West. Despite some western criticism India has vehemently defended its decision to continue buying Russian oil, pointing to Europe’s dependence on Russian gas imports. Speaking at the World Economic Forum in May, Indian Trade Minister Piyush Goyal said: “In the current situation, when inflation is at an all-time high, causing stress to people all over the world, the European Union and other countries in Europe continue to buy far larger quantities than India ever thought of buying or will ever buy.” Goyal also pointed out that India’s purchase in no way violates any sanctions that have been put in place by the West. While India has pointed to the European Union’s consumption of Russian energy as a counterargument to criticism of its purchases, the EU has taken steps to severely curtail this. In May the EU issued its sixth sanctions package against Russia which pledged to cut “almost 90%” of all Russian oil imports by year-end, starting with an immediate ban on two-thirds of such imports. Earlier this week, prompted by Russia’s unilateral slashing of supply, the EU reached a deal to cut its natural gas usage by 15%. As it faces a swathe of sanctions targeting trade and shipping Russia is also attempting to jumpstart the ambitious International North-South Transport Corridor (INSTC) project. The INSTC is a nearly 4,500-mile trade network of roads, railways and shipping routes that connects India and Russia via Iran. The project, which has been talked about in some form or the other since the year 2000 conducted its first trial last month as two containers carrying wood laminate sheets were sent from St. Petersburg, Russia, to the western Indian port of Mundra. While the corridor may allow Russia and Iran—which faces its own set of international sanctions—to circumvent European trade routes it is likely to face much stronger opposition from the U. S. and Europe. Since Russia’s invasion of Ukraine began, New Delhi has attempted to sit on the geopolitical fence offering only guarded comments calling for restraint and dialog between the two countries. India’s diplomatic tightrope walk is a result of its extensive reliance on Russian-made military hardware. When Putin visited India in December last year, New Delhi was quick to issue a statement hailing the two nations’ “special and privileged strategic partnership.” In the past few years, however, India has begun developing a closer security partnership with the United States, including the import of several key weapons systems. Both India and the United States view their partnership as an important counterbalance against a more belligerent China.

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