From 2% to 13%: Sitharaman explains India's Russian crude oil imports

New Delhi, Sep 08: The share of Russian oil import in India has increased from 2 per cent to 13 per cent in a couple of months after the beginning of the Russia-Ukraine war, said Finance Minister Nirmala Sitharaman said on Thursday.

Speaking at the Indian Council for Research on International Economic Relations (ICRIER) event, Sitharaman said credit must be given to Prime Minister Narendra Modi's statesmanship to take the decision of boosting imports of Russian oil at discounts as it helped in reducing the import bills.

"In a situation where the global prices were going beyond anyone's affordability, and we take a call - in November, and in June, again - of reducing the crude oil prices... to some extent. Of course, it can't be to an extent as some of us would want it to be," she said during an event.

"And...at that stage, to take a very strong political decision, I respect the prime minister for the courage on this - 'Get it from Russia... because they are willing to give you that discount'," the finance minister shared, recalling PM Modi's decision to continue reliance on the Russian oil despite global pressure.

The country's entire import "had 2 percent of the Russian component, and it was ramped up to 12-13 percent within a couple of months," said Sitharaman.

"While there have been sanctions, countries are fighting their way to get the same Russian oil," she added.