'Russia's Economy Depends on India': Zelenskyy Urges End to Russian Oil Trade

Ukrainian President Volodymyr Zelenskyy has said Russia’s economy remains heavily dependent on major buyers such as India, China and Turkey, arguing that reducing their purchases of Russian energy could increase pressure on Moscow and affect its ability to continue the war in Ukraine. Zelenskyy made the remarks in an interview with The Wall Street Journal, where he discussed the role of Russian energy exports in supporting the country’s economy. He urged major buyers to reconsider their purchases of Russian oil as Ukraine continues to seek stronger international pressure on Moscow.

India has become one of the largest buyers of Russian crude since the start of the Ukraine conflict. Indian refiners increased purchases after Russian oil became available at discounted prices following Western sanctions and restrictions on Moscow’s energy exports. New Delhi has consistently defended its decision to purchase Russian crude, saying energy security and affordable supplies are important considerations for India. Indian officials have also maintained that purchasing oil from Russia is not a solution to the Ukraine conflict and that the war ultimately requires dialogue and diplomacy.

Recent trade data, however, indicates that India's purchases of Russian crude have been declining. Reuters reported that Indian imports of Russian oil fell to around 2.1 million barrels per day in August, down 16.5% from July. Russia nevertheless remained India's biggest oil supplier during the month. The issue has gained additional significance following increased pressure from the United States on countries continuing to purchase Russian energy. Washington has been considering and implementing measures aimed at reducing Russia's oil revenues, with potential consequences for major importers.

For India, any substantial reduction in Russian oil purchases would need to be balanced against the country's large energy requirements. Indian refiners can source crude from the Middle East and other suppliers, but changes in suppliers can affect transportation costs, crude prices and refining economics.

Zelenskyy's comments therefore highlight the wider geopolitical importance of India's energy relationship with Russia. While Ukraine wants major economies to cut Russian energy revenues, India has continued to focus on maintaining a reliable and affordable supply of crude while diversifying its sources. The future of Russian oil purchases by India could remain an important issue in India-US relations, the global energy market and the broader diplomatic efforts surrounding the Russia-Ukraine war.

Disclaimer: This image is taken from AFP.