Big Take Asia India Won’t Stop Buying Russian Oil. Now It’s Paying the Price.
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Aug 5, 2025 Sudhi Ranjan Sen, a Bloomberg reporter based in New Delhi, dives into India's complex relationship with Russian oil amid rising U.S. pressures. He discusses the historical ties drawing India and Russia together since the Cold War era. The conversation highlights the economic and geopolitical challenges Prime Minister Modi faces as he balances India's oil dependence with international relations, notably with the U.S. The implications of U.S. tariffs and the risk of alienating key allies are key themes in this insightful discussion.
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India's Pragmatic Oil Purchase
- India's purchase of Russian oil is substantial, around 1.7 million barrels per day, largely dictated by market prices.
- India buys energy where it is cheapest, emphasizing economic pragmatism over politics.
How India Turned to Russian Oil
- India's shift to Russian oil intensified after Europe stopped buying post-Ukraine invasion and Russia offered huge discounts.
- India adjusts purchases in response to Gulf oil price and availability fluctuations.
Energy Costs Drive India's Defiance
- India fears stopping Russian oil imports would spike global crude prices unsustainably, harming its economy.
- Maintaining affordable energy is key to India's economic growth amid global tensions.