India averted a global crisis, if it had not bought Russian oil...' Big claim in the report

Russian Crude Oil: America has imposed a 50% tariff on India for buying Russian oil and is repeatedly attacking India. Trump's aide Peter Navarro has even claimed that the Ukraine conflict is actually 'Modi's war'. India buys crude oil from Russia at cheap prices and refines it in India in partnership with Russian companies and then sells it to the rest of the world at high prices. This money helps Russia fund its war in Ukraine.

India averted a global crisis by buying Russian oil

Meanwhile, industry sources have refuted all the lies by citing several facts and said that if India had not bought Russian oil, the global consequences would have been so terrible. Sources say that India has averted a global crisis by buying Russian oil. If India had stopped buying oil, the price of crude oil would have reached $200 per barrel today.

India's imports have stabilised global markets

A report quoting sources said that India's imports have stabilised global markets and helped keep fuel prices stable for consumers around the world, instead of providing a financial boost to Russia. This move has also been praised by several international figures, including US Treasury Secretary Janet Yellen.

Earlier fears of Russian oil being cut off from the global market had pushed up the price of Brent crude oil. In March 2022, its price reached a high of $137 per barrel. Since then, India has managed the global situation by buying Russian oil. According to a news agency source, India has purchased Russian oil as per the rules and has not violated any rules.

What did Navarro claim

Trump aide Peter Navarro had given an interview earlier this week in which he claimed that India is helping Russia by buying oil at cheap prices. If India stops buying Russian oil now, it can get an immediate 25% discount in US tariffs. The path to peace in Ukraine passes through India.

Not using US dollars

Industry sources said that contrary to popular claims, Indian refiners do not use US dollars to buy Russian oil. The purchases are made through third-country traders and settled in currencies like AED. The US government has never asked India to stop buying. India's trade is completely legal and is under the fixed price rules of the G7 and the EU.

Need for Russian oil in the market

India has also refuted speculations of a black market for oil. The sources further said, 'Russian oil is not banned like Iranian or Venezuelan oil. It is sold under a fixed limit system created by Western countries to prevent profiteering. If America had wanted to ban Russian oil, it would have banned it, but it did not do so because it needs Russian oil in the market.'

India has been the world's fourth largest refiner for decades

Allegations that India has become a hub for Russian oil refining have also been rejected. Industry sources said that India has been the world's fourth largest refiner for decades. This is how the global system of refining crude oil and exporting fuel works. After the ban on Russian crude oil, Europe itself has become dependent on Indian diesel and jet fuel.

On whether refineries are sending their profits abroad, sources have clarified that about 70% of refined fuel remains in India to meet domestic demand. One of Reliance's refineries has focused on exports since 2006, before this war. As domestic consumption has increased, refined fuel exports have actually declined.