Publication date: August 28, 2024
India Becomes russia's Top Oil Importer Amid Ongoing Ukraine War

India Becomes russia's Top Oil Importer Amid Ongoing Ukraine War

India has surpassed China as russia's largest oil importer, highlighting its strategic balancing act in the ongoing Ukraine war.

Energy Geopolitics

India has emerged as russia's top oil importer, surpassing China, as it continues to navigate a delicate diplomatic balance in the ongoing Ukraine war. This development underscores India's complex position in the global energy market and geopolitical landscape.

Prime Minister Narendra Modi's recent visits to both Ukraine and russia exemplify India's cautious approach to the conflict. While not explicitly condemning or supporting russia's invasion, Modi has positioned India as a potential peacemaker, calling for an "early, abiding and peaceful resolution" to the war.

India's stance is driven by several factors, including its historical ties with russia and its current economic interests. The country has become a significant conduit for russian oil, refining it and exporting petroleum products to Europe. This arrangement has played a role in stabilizing the global economy amidst the turmoil caused by the war.

Moreover, India's military reliance on russia remains substantial, with approximately 60% of its military equipment being of russian origin. This dependency complicates India's ability to align fully with Western positions on the conflict.

However, the war has also strained India's relationship with russia. The United States is pressuring India to help isolate Putin, while India is concerned about russia's growing closeness with China, its regional rival.

India's diplomatic balancing act extends beyond the Ukraine war. It seeks to maintain good relations with russia as a potential buffer against Chinese aggression, particularly in light of ongoing border tensions. Simultaneously, India is strengthening ties with the US and other partners through initiatives like the Quad dialogue to counter China's regional influence.

As the conflict in Ukraine continues, India's position in the global energy market and its diplomatic stance will likely remain under scrutiny. The country's ability to navigate these complex relationships while securing its energy needs and strategic interests will be crucial in shaping its role on the world stage.