Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
The Mujahideen Movement: The two were killed along with dozens of others from their family in a cowardly Zionist assassination that targeted the Sabra neighborhood today
The Palestinian Mujahideen Movement mourns the martyrdom of its Secretary-General, Asaad Attiya Abu Sharia "Abu Al-Sheikh", along with his brother Ahmad
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion
Al Mayadeen's correspondent in Tehran, Siavash Fallahpour: Iran has redefined the concept of deterrence, shifting it away from traditional military balance toward a new strategic framework
Sources to Al Mayadeen: Number of documents so great that merely studying them, along with accompanying images and footage will require a great deal of time.

India surpasses China as Russia's top oil importer, data reveals

  • By Al Mayadeen English
  • Source: News websites
  • 24 Aug 2024 09:23
3 Min Read

India's increased purchasing of Russian oils stems from discounted prices offered by Moscow due to Western sanctions.

Listen
  • x
  • Workers walk past oil barrels at a filling station in Chennai, India on February 24, 2022. (AFP)
    Workers walk past oil barrels at a filling station in Chennai, India on February 24, 2022. (AFP)

India surpassed China as the world's largest importer of Russian oil in July, recent data revealed. 

New Delhi's increased purchasing of Russian oil stems from discounted prices offered by Moscow in response to sanctions imposed by Western countries due to Russia's war with Ukraine.

“India’s requirement for Russian oil is going to go up as long as there are no further tightening of sanctions,” an Indian refining source told Reuters.

Russia's crude oil constituted 4% of India’s total imports, reaching a record of 2.07 million barrels per day (bpd), a 4.2% increase compared to June and a 12% rise from last year, data on Indian shipments from the trade and industry sources revealed.

China's imports of Russian oil through pipelines and shipments amounted to 1.76 bpd in July, Chinese customs data showed, suggesting the drop in purchases may be attributed to lower profit margins from generating fuels. 

Related News

EU to begin work on 18th sanctions package against Russia: Finnish FM

BRICS FMs condemn unilateral protectionism, call for UN reforms

India’s increased purchasing has shifted the distribution of Russian ESPO (Eastern Siberia–Pacific Ocean) Blend crude from its traditional Chinese customers to South Asia.

Russia's oil revenues on the rise in defiance of Western sanctions

Russia’s oil revenue exports surged by almost 50% in June 2024 compared to 2023 due to the country’s flagship Urals adaptation to Western sanctions, Bloomberg reported on July 3.

Back in June, Moscow's crude oil sales revenues saw a significant increase. Oil-related taxes reached 590.6 billion rubles ($6.7 billion), up from 402.8 billion rubles ($4.5 billion) in June 2023, according to Bloomberg’s calculations, based on the Russian Finance Ministry's financial data.

The figures revealed a 41% increase in the total oil and gas profits to 746.6 billion rubles ($8.4 billion), attributed to higher prices for Russia’s key export Urals blend. The ministry calculated June taxes based on the Urals price of $67.37 a barrel, up from $53.50 a year ago.

The imposition of a price cap and embargo on Russian oil by Western governments aimed to collapse the country’s economy, while also allowing Russian crude oil to flow into the international markets. 

Russia retaliated to the West’s sanctions by redirecting most of its energy exports to Asia, selling well above the imposed price cap, primarily in India and China.

The financial report also revealed that budget revenues from Russia's oil and gas sectors experienced a remarkable surge of 73.5% from January to May this year, compared to the first five months of 2023. The generated profit from oil and gas sales during this period totaled 4.95 trillion rubles ($55.7 billion), and it is expected to reach 10.99 trillion rubles ($125 billion) this year.

  • Russia
  • Sanctions on Russia
  • India
  • China
  • Russian oil
  • sanctions
  • Crude oil

Most Read

Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
A Palestinian woman mourns as she embraces the body of her daughter Mayar Abu Odeh, 8, who was killed in an Israeli army strike on Gaza. at Al-Shifa Hospital in Gaza City, Wednesday, June 4, 2025. (AP)

French port workers block arms shipment to 'Israel' amid Gaza genocide

  • Politics
  • 4 Jun 2025
New Syrian group claims Golan strike, vows resistance to 'Israel'

New Syrian group claims Golan strike, vows resistance to 'Israel'

  • Politics
  • 4 Jun 2025
The logo of the Iranian Ministry of Intelligence (wikidata)

Iran acquired thousands of sensitive Israeli documents: Exclusive

  • Politics
  • 7 Jun 2025

Coverage

All
War on Gaza

Read Next

All
https://english.almayadeen.net/news/politics/pentagon-chief--nato-likely-to-back-trump-s-5--defence-spend
Politics

Europe spent $3 trillion on defense, but got little in return - FT

Power, parties, and scandal: Trump’s ties to Epstein: Telegraph
Europe

Power, parties, and scandal: Trump’s ties to Epstein - The Telegraph

Eilat port as seen from the sea, occupied Palestine, March 12 2009 (wikimedia commons)
Politics

YAF operations forced 80% plunge in Eilat port revenues in 2024

EU backs International Criminal Court after US sanctions judges
Europe

EU backs International Criminal Court after US sanctions judges

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS