India Prepares to Reduce Russian Oil Imports Amid Global Pressures
Significant shifts are occurring in the global energy landscape as major geopolitical and economic challenges unfold.
According to Reuters, several Indian refineries are actively preparing to limit their imports of Russian oil.
This move comes amid efforts by the United States and the European Union to impose sanctions and economic pressure to persuade India to cease purchasing energy resources from Moscow.
Meanwhile, Indian government officials emphasize that the country maintains stable prices and energy commitments, focusing on safe and reliable oil supplies.
Internal sources indicate that despite political considerations, Indian refiners have not yet received official directives to cease Russian imports altogether.
The transition is complicated by the need to quickly adapt to new energy sources and the potential rise in global oil prices.
Data shows that in the first half of 2023, India reduced its Russian oil imports to 36% of total oil consumption, down from 40% in the previous year.
Simultaneously, imports from the United States and Middle Eastern countries are increasing, suggesting diversification of energy sources.
Additionally, Indian companies have started paying for oil in yuan, further diversifying financial transactions to avoid sanctions.
The government and businesses face a challenging environment, as rapid shifts could lead to price increases and inflation—especially during times of global economic instability.
Analysts highlight that such measures are essential for maintaining economic stability and independence under current global conditions.