Russian oil went to Indian imports – Newspaper Kommersant No. 169 (7370) of 09/14/2022
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In mutual trade between Russia and India, since the beginning of the military operation of the Russian Federation in Ukraine, the same story has been repeated as in trade between Russia and China (see Kommersant on September 8) – the rapid growth in deliveries of Russian resources to this country is not compensated by counter deliveries, captures yesterday’s review of the CMASF on the development trends of the largest economies in the world.
The center’s estimates according to the Indian Ministry of Trade and Industry indicate that in the first half of 2022, against the backdrop of sanctions against the Russian Federation by most of the developed economies of the world, “the turnover of trade in goods between Russia and India increased rapidly: the value of trade in January-June 2022 exceeded the corresponding figures for 2021 and 2020 by 2.7 times and 3.2 times, respectively.” In absolute terms, the indicator in June reached nearly $4.5 billion, having increased by almost 600% compared to the level of the previous year (in April, the trade turnover amounted to $2 billion, in May – $2.5 billion, although in previous years the monthly turnover stably fit into the range $0.5–1 billion). Last year, trade volume amounted to $12 billion – and was at the same time a record.
However, the current rapid growth of mutual trade is fully supported by a multiple – 3.5 times compared to the same period in 2021 – the expansion of India’s imports of goods from Russia, while the volumes of Indian exports to Russia decreased (see chart), that is, the Russian surplus from this trade since the beginning of 2022 has grown by more than $8 billion. The strongest increase was demonstrated by the supply of Russian oil to India (from 264 thousand tons in March to 4.035 million tons in June 2022). According to the deputy head of the Federal Customs Service (FCS) Vladimir Ivin in an interview with RIA Novosti, India entered the top 10 largest trading partners of the Russian Federation, replacing the United States in it.
It should be noted that in early September the G7 countries reiterated their intention to limit prices for Russian oil by setting a ceiling above the cost of production and banning the sea transportation of oil if it is sold at a higher price, and the US Treasury said that importing companies in the event Violation of the price limit is subject to liability. It is assumed that the limit can be set in early December. The Russian side, however, said it would stop deliveries to countries that would support such restrictions.
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