May 23, 2022

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India switches to coal after Russian oil: Imports double despite US warning

While Europe and the United States are doing all they can to isolate Russia diplomatically and economically, India is happily trading with the Russian regime. The world’s largest democracy that does not want a Russian invasion of Ukraine CondemnationThe dictator is still opening its ports to the raw materials sold by Vladimir Putin.

Last week, the European Commission proposed another embargo on Russian coal as part of new sanctions against Moscow. But on the other side of the world, data from the commodity intelligence firm Kpler shows that in India, coal imports from Russia soared in March to a level not seen for more than two years.

New Delhi, which relies heavily on imports for its energy supply, has declined in the past Russia wants to pour oil at a lower price† For example, since February 24, it has already purchased 13 million barrels of crude oil from the Russians. This is almost more than the 16 million barrels that fell in 2021.

About 70 per cent of India’s electricity comes from coal

The Indian government is following the same course for black ore: coal imports from Russia reached 1.04 million tonnes, the highest level since January 2020, confirmed Kpler analyst Matthew Boyle. CNBCTwo-thirds of March came from Russian ports in the Far East, probably after the start of the war in late February.

“Markets suspect that India and China will increase coal imports from Russia, which will partially offset the effect of a formal EU embargo on Russian coal imports.” Vivek Thar, head of mining and energy research at the Commonwealth Bank of Australia, said in a statement last week.

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New Delhi last month told Reuters that Russia was doubling its coke imports to supply its steel plants.

Before the war, India did not import more than 2 percent of its coal from Russia. But the country is heavily dependent on the mineral: it is the second largest consumer in the world after China, and 70 percent of its electricity generation still depends on it. If Moscow can supply coal at a lower price, New Delhi will not refuse.

Washington’s anger

This decision did not go well for Washington; Rumors of sanctions are on the rise. The US government has warned that India could face significant consequences if it sided with Moscow.

“India is dependent on its supply chain with Russia for natural resources such as oil and coal, despite warnings from the West,” said Samir N, business chairman of the Vogal Group, a government relations consultancy. Kapadia commented.

The White House is so far Two “Warning Scenes” Unloaded, it stressed that India should be “on the right side of history” and not unite with Russia. If this continues there will not be even a third. However, the nature of these restrictions is not yet known.

Moscow is looking for new partners

Meanwhile, Russia is looking New energy customers, Domestically and abroad, now regular customers for its energy products are looking elsewhere or reducing purchases. In a meeting with senior officials on Wednesday, Putin acknowledged that his country was facing serious export problems.

(LP / NS)