"It is a fact that India is importing oil at discounted prices from Russia. Still, it cannot be accepted that it is involved in its clandestine transfer to Europe," Yogendra Kapoor, a celebrated Delhi-based economist, told Sputnik.
"Monthly data doesn't suggest a jump in crude imports. Indian refiners purchase crude to produce fuel that can serve domestic needs for up to 30 days. No change in strategic oil reserve data also establishes that refiners have no additional oil that can be diverted to Europe or the West," Anuj Gupta, vice-president of IIFL Securities, told Sputnik.
"First, the percentage of oil imports from Russia by India is a minuscule proportion of its total imports. Suppose that India continues to enjoy oil imports at lower rates from Russia, in that case, it would first create its own reserves because of its huge oil import bill as it is rising because the Indian rupee is depreciating against the US dollar," Kapoor said.
"Sanctions on Russian energy exports are a serious market distortion, which are having a disproportionate impact on developing and lower-income countries. Attempts by European nations to diversify from Russian natural gas have pushed up prices of liquefied natural gas to record levels, making it unaffordable for other consumers," Amit Bhandari, an energy expert at Mumbai-based Gateway House, told Sputnik.
"Today, Europe is buying [Russian] oil, Europe is buying [Russian] gas… Is buying Russian gas not funding the war? Is it only Indian money that funds it, and not the money coming from Europe? Let's be a little even-handed," Jaishankar said at the GlobSec 2022 Bratislava Forum.