Column: India looks to Russia to solve the energy crisis Moscow created: Russell | Reuters
Can Russia rescue India from the high energy prices caused by Moscow's invasion of Ukraine?
It may seem a bizarre twist of logic, but India appears to be aiming to ramp up imports of Russian crude oil and coal in a bid to lower the impact of sky-rocketing prices, largely caused by Russia's military action in the first place.
Russian energy exporters are offering cargoes at steep discounts, as traditional buyers in Europe and Asia shun Russian commodities in the wake of the Feb. 24 attack on Ukraine.
But India has so far stuck by its longstanding ally, refusing to condemn the invasion, and now New Delhi is looking to lower its crippling import bills by turning to Russian crude and coal.
Coal offers the best immediate substitute for India, given that Russian grades of thermal coal are similar to what India already imports from Australia and South Africa.
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