On the latest side-lines of the SCO Summit in Uzbekistan, the good news displays the bond strong between India and Russia. Discounted Russia crude proves to be a direct gain of Rupees 35,000 crore for India.
In the case of the estimated Indian gain of Rs 35,000 crore, the credit goes to Russia. India’s importing of the Russian crude at discounts paved the way for such a huge profit margin. This is what the experts estimate post Ukraine conflict beginning in February.
This is basically the wise Indian bargain which hunted for Russian crude as the conflict prompted this to happen. This was due to shunning of the Moscow’s traditional buyers, henceforth compelling Russia to succumb to the situation for the big barrels and traders, stuck with shipments. Russia then offered big discounts which also kept his buyers intact.
India was facing pressure from America and its allies to shun shipments given the reason of Moscow’s decision to attack Ukraine. India opted for going to import crude from Russia.