The global energy markets are witnessing profound transformations as a result of the continuation of the Russian war against Ukraine, which resulted in a geopolitical crisis. These transformations highlighted India’s role as a pivotal player, amidst its growing noticeable influence in the global oil market.
This war provided exceptional opportunities for India to increase its purchases of Russian oil at a discount, in the wake of Western sanctions and the Russian crude price ceiling imposed by the European Union and the Group of 7.
