The Central Bank of Russian Federation (CBRF) said on Tuesday that India cranked up Russian oil imports by 4.7 times in April – May, or by more than 400,000 barrels per day (bpd), year-on-year, thanks to a price discount.
After being shunned by Western companies and countries since sanctions were imposed against Moscow for what it calls a “special military operation” in Ukraine, Indian refiners are said to have been snapping up relatively cheap Russian oil.
The central bank also said that China increased Russian oil purchases by 55% in May, when Russia surpassed Saudi Arabia as the top oil seller to China.
