Oil and the war, 3 years on: Russia reshapes global energy dynamics

The war provided Prime Minister Narendra Modi's government with an opportunity to reinforce India's strategic autonomy by resisting Washington's pressure to sanction Russia

When Vladimir Putin marched into Ukraine on February 24, 2022, backed by the full force of the Russian military, he likely did not anticipate that a war he expected to end in a few months would go through two American presidents, drive liquefied natural gas (LNG) prices to record highs, and create a supply source of cheap oil for the world's fastest growing major economy. Never before in history has a country been able to capture 45 per cent of a major crude oil market in just over two years, the way Russia has India’s.

 

February 24, 2025 marks the