India continues to buy Russian oil to offset the declining appetite of the west

The week-long show of solidarity between Russian President Vladimir Putin and India’s Narendra Modi during a visit to India continues Russia’s reduced purchases from India – sending Ukrainians fuel that weakens the impact of western military allocations.

As their meetings ended, Modi said the two leaders “agreed on a plan for economic cooperation until 2030 with the aim of facilitating cooperation in trade and investment, energy development, energy, critical minerals, and more.”

Sergei Aleksashenko, the former Minister of Finance of Russia and the Deputy Governor of Russia in the center of Russia, who now lives in exile in the United States, told FOX Business that the provision of large prices in the world.

Aleksashenko said “It’s a big mistake to believe that Russian oil has only one place,” describing the sophisticated market as universal and very flexible. He estimated that the Russians account for “15 to 17%” of the oil sold worldwide and warned that removing that would remove prices from “$120, $200, $200 per barrel.” He added that, in his opinion, “the price of the real world, the price of leaving the world without Russian oil, is very high” for western governments.

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Recent trading data aligns with the broader pattern Aleksashenko described. Bloomberg reported that Russia’s Urals Urals PRADDRED has been offered to India at discounts of up to seven dollars to Brent after it was robbed of new supply channels. Reuters also reported that Indian analysts are investigating purchases from unauthorized Russian sellers at these low prices.

Ukrainian lawyer Oleksii Honcharenko told FOX Business that the flow of Russian Crude to India, followed by the export of refined products from India to Europe, undermines the operation of facilities designed for Moscow’s income. “From my general knowledge, what India does, they buy Russian oil. They make oil products … and sell it … to the European Union as well,” he said. Shanorenko said that Indian oil imports from Russia have increased “ten times or more” since the full-scale attack, and pointed out that this “helps Russia a lot to continue the war.”

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Gasoline trucks are parked at the Vollodarskaya LPDS production facility owned by Transneft Pipeline piles in the village of Konstantinovo in the Moscow region, Russia 8, 2022. Maxim Shemetov / Reuters

Shanorenko also said he believed President Trump’s efforts to pressure India from buying Russian oil had been corrected. Trump said in October, according to whistleblowers, that Prime Minister Narendra Modi had assured him that India “will not buy oil from Russia.” Indian authorities have not confirmed that offer, and analysts have told Reuters that any changes to the paper buying in India could turn Russian blocks into additional trading channels.

Continued trade highlights the boundaries of western societies. Indian analysts have moved away from Russian suppliers tied to Rosneft and Lakoil, tuekers reported, but indicated that the interest in the purchase of businesses is passive. Europe, meanwhile, remains India’s biggest competitor – expect analysts to say they will fall if Russian-origin crude is completely taken off the market.

Crude oil tanker SCF SURCUT, owned by Russia’s Throup Group Sourcom, transits the Bosphorus in Istanbul, Turkey, April 4, 2024. (Photos by Yoruk Isik / Reuters / Reuters Photos)

Aleksashenko said that Europe’s dependence on this flow is systematic. “If Europe does not want to buy fuel products produced by Russian oil, it should close the Turkish Revireries and Indian Remineries,” he said. “They don’t … otherwise they don’t have refined products. It’s a recession.”

The story is now part of a broader debate in Kyiv over a possible peace framework negotiated by the United States and its European allies. Honcharenko said he supported talks on the policy while acknowledging internal disagreements in Kyiv. “My position … is that we need peace as soon as possible,” he said. He described the emerging proposal as a ‘workable framework,’ although “many people don’t like this package.”

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Indian Prime Minister Narendra Modi speaks with Russian President Vladimir Putin and Chinese President Xi Jinping ahead of the Shanghai Cooperation Organization (SCO) Summit at the Meijin Center in China, September (Suo Tatum / Reuters Pool / Photo Photo / Reuters Photos)

Honcharenko said he expects the importance of a certain level of destruction should be included in any final agreement, although he is against softening the restrictions. “I think it will be part of any agreement, at least softening the sanctions,” he said. “For me, as Ukraine, it’s not something I like … more sanctions against Russia and better.”

Aleksashenko stressed that the dependence of the global market of Russian goods – from oil to nickel, palladium, fertilizers and more – creates challenges of the formation of challenges of the formation of challenges of the formation of the challenges of destruction. “The whole world is watching this show,” he said, “but there’s nothing real about it.”