India's imports of crude oil from Russia increased several times last year.

Xinhua News Agency, May 11, India's crude oil imports from Russia increased several times last year, according to data provided by India's Bank of Baruda. Russian crude oil accounted for 2 per cent of India's annual crude oil imports in 2021; that figure has now risen to 20 per cent, according to data provided by Baruda bank. According to data provided by the Bank of Baruda, India can "save" about $89 for every ton of crude oil imported from Russia in the last fiscal year from April 1 last year to March 31 this year, given that India imports crude oil from Russia at a discounted price. As India continues to import crude oil from Russia, it has saved about $5 billion.