Exim matters: US sanctions may lead to fall in Russian crude oil imports

Imports of oil from Russia at discounted prices meet about 35 per cent of India's crude oil requirements

Last week, the United States sanctioned top two Russian oil producers, Rosneft and Lukoil, aiming to reduce their export earnings and thus degrade Russia’s ability to continue its war against Ukraine. Moscow said it will not yield to such pressure 

tactics. Major buyers of  Russian oil in India and China indicated that they may curtail their procurements from Russia and look at other sources for their requirements. Crude oil prices went up from about $61 to $65, fearing supply disruptions.  

 

 

Since the Russian invasion of Ukraine in 2022, the western powers have