"India's Finance Minister, Sitharaman, responds aggressively to accusations of 'money laundering' related to Russian oil purchases"
In a significant move, India, Russia, and China recently convened at the Shanghai Cooperation Organisation (SCO) Summit in Tianjin. Amidst the geopolitical landscape, India's oil imports from Russia have seen a substantial increase, with Russian crude now accounting for nearly 40% of India's total oil purchases.
This shift has resulted in significant savings for India. According to various reports and experts, the savings from these imports are estimated to be between $13 billion and $26 billion, a sum that could amount to billions of dollars in early 2022. The news agency Reuters reported this savings figure last week.
Finance Minister Nirmala Sitharaman has confirmed India's intent to continue these oil purchases, stating that the decision will be based on factors such as rates and logistics. However, not all have welcomed this move. Peter Navarro, a former Trump aide, has been critical of India's energy ties with Russia, referring to Indian refiners as a "laundromat for the Kremlin."
Despite Navarro's criticism, the savings from Indian oil imports from Russia have not been criticized by either Navarro or Donald Trump, unlike their criticism of the energy ties between India and Russia in the past. Trump, in a recent post on Truth Social, claimed that the US has "lost" India and Russia to "deepest, darkest China."
The context of Trump's post is unclear, but it suggests further criticism of India-Russia ties. Navarro has also accused Indian refiners of purchasing cheap Russian crude, processing it, and selling it abroad at a premium.
The decision to continue purchasing Russian oil, despite potential criticism, is seen as economically feasible by analysts. Any immediate stoppage of these purchases could signal capitulation under pressure, according to Reuters.
A photograph posted at the SCO Summit showed Prime Minister Narendra Modi, Russian President Vladimir Putin, and Chinese President Xi Jinping in a three-way meeting, symbolising the complex web of international relations. As the world grapples with the fallout from the Russia-Ukraine war, India's strategic oil imports from Russia continue to make headlines.
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