India is the world’s fastest growing energy market. An expanding economy and a growing population have resulted in increased consumption of primary energy resources such as coal, crude oil and natural gas in India. However, as Russia – key supplier of natural gas to a host of nations– faced several sanctions following its war with Ukraine, global oil prices saw a steep increase. Pursuant to the imposition of these sanctions, most of the exports from Russia were redirected to Asian countries, including India. India, having not imposed sanctions, continues to import oil from Russia, which is now available at lower prices. Taking advantage of discounted prices, India raised its imports of Russian crude from 950,000 b/d in June 2022 to around 1.96 million b/d in May 2023.