India Increases Russian Oil Imports Because It’s Good Business

Elvis Dunderhoff July 9, 2022

There’s one rule in life that outweighs every other rule: get money.

If the rule overrides that rule, it can’t work.

When people start telling you “stop getting money because of the liberal world order of our values,” then they lose.

Reuters:

Since the start of the war in Ukraine, the United States and its allies have leaned on countries to buy less Russian oil in a bid to punish Moscow for its aggression.

Indian refiners have done the opposite, snapping up more Russian crude while the government explores ways to protect domestic oil firms from punishment should they fall foul of sanctions.

The result has been a huge leap in volumes from Russia. In May, India imported 819,000 barrels per day (bpd), from 277,000 bpd in April and 33,000 bpd a year ago. Russia is now the second biggest supplier to India, replacing Saudi Arabia, while Iraq continues to be the largest.

While the increase in volumes is known, some of the ways in which India has communicated its strategy on Russian oil purchases to key players and offered assurances to the companies involved have not been reported.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24. While New Delhi has called for an immediate ceasefire in Ukraine, it has not explicitly condemned the invasion, which Russia says is a “special military operation”.

An Indian government official said India plans to continue with purchases of Russian oil, available at a discount that is now narrowing. “If India stops buying oil from Russia, the entire world will be chasing the same pieces of oil and that will further push up oil prices,” he said.

Government and refinery officials have said India’s main reason for buying Russian crude is commercial.

After China, India has done more than any country to compensate for the drop in demand for Russian oil from elsewhere, undermining Western efforts to isolate Moscow and hasten an end to the war in Ukraine.

The officials say New Delhi wants to avoid repeating what it sees as the mistakes of the past: abiding by sanctions on Iran and winding down oil imports, only to see its main regional rival China continue unpunished and benefit economically.

“India has the attitude that if China is buying, why wouldn’t we?” said Robin Mills, chief executive of energy consultancy Qamar Energy.

…

Indian energy minister Hardeep Singh Puri often blames OPEC for holding barrels back from the market, and said high prices were not good for producers or consumers. “We have to look after our own interests,” Puri said last month.

And now they know they can look out for their own interests, because the US isn’t going to do shit, because they’re pussy niggas.

Now, everyone is going to start looking out for their own interests, and their own interests are not to act as slaves to some bizarre Anglo-Jewish global anal domination project.

No one did the math here.

The whole of the American establishment, and no one did the math on the outcome of these sanctions.

They could have called Larry Summers. I bet Larry Summers tried to call them. But instead, they just didn’t bother, and just thought they could do whatever they want and nothing bad could ever happen.

The funny thing is: they haven’t learned any lessons.

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