India's Russian oil purchases stabilize global markets and fuel prices
India’s ongoing purchase of Russian oil has been pivotal in stabilizing global energy markets during a time of potential crisis, preventing crude prices from soaring. Despite allegations of financial support to Russia, India’s trade is legitimate and compliant with G7 and EU regulations, with praise from US officials for its stabilizing role. The country has managed to keep domestic fuel prices lower while fulfilling a significant portion of its energy needs, with 70% of refined fuels consumed domestically. Furthermore, India’s strategic defense partnerships with the US, including co-producing technology, underline its commitment to global security and regional stability, particularly in countering China’s influence.