India is in need of energy and is being courted to buy Russian oil to meet its expanding demand, but the truth remains that Europe and portions of Asia continue to be the largest importers of Russian oil and gas. India’s daily crude oil requirement is approximately five million barrels, or approximately 1800 million barrels per year. It’s also a well-known truth that imports account for 85 percent of India’s crude oil needs. India’s oil imports for FY 2020-21 were 1440.3 million barrels, but India has already purchased 1289.3 million barrels this fiscal year. Even with the announced one-third decrease, the EU’s reliance on Russian gas will remain substantial. For gas itself, Europe is still the largest regional importer of Russia’s natural gas, accounting for nearly 75% of Russia’s total natural gas exports. The recipients include Germany and Italy. Exceptions and exclusions have been built into the design of the sanctions so that Europe can continue to use and pay for Russian crude and gas, sources pointed out.
