Russia's Oil Trade With India Strengthens Beyond Crude Oil - Key Details

While India's OMC Indian Oil Corporation has begun purchasing Russian crude oil from unsanctioned entities, Kremlin's oil ties with the south Asian nation takes a leap beyond crude oil.

Russia has now established itself as the biggest source for sunflower oil, pushing past Ukraine for the top spot.

In 2021, Russian imports had surged 12-fold given factors like easy access via seaports and cheaper costs.

Meanwhile, Ukraine's exports are heading majorly to Europe as blocked ports have made shipping to India pricier and harder.

Also Read:Govt Eyes DeepTech Revolution: Goyal Engages 35 Startups, 30 VCs

During the January to July period, Russia supplied sunflower oil to India worth $815 million, replacing Ukraine as India's biggest sunflower oil supplier, as per Ministry of Agriculture of Russia's data.

Ukraine ranked second among the largest suppliers of sunflower oil to the Indian market with $374 million, and Argentina ranked thirrd with $196 million, according to Union Ministry of Commerce and Industry data.

Last year, Russia held 4th place among suppliers of fat-and-oil products to the Indian market, it said.

In the same period this year, India purchased 1.3 million tons of sunflower oil on the foreign market worth $1.6 billion.