India Saves $12.6 Billion on Oil Import Bill With Russian Crude

India’s savings from discount Russian crude since 2022 have reached $12.6 billion, the Indian Express has calculated, although there could be much higher implied savings, the media outlet reported. The implied savings stem from the fact that India’s Russian oil ramp-up helped avoid a major international oil price hike following the events from February 2022, when Russian troops entered eastern Ukraine, and the European Union, the UK, the U.S., and Canada rushed to impose sanctions on Moscow, specifically targeting the energy industry.…