Ever since Russia started its invasion of Ukraine, Western countries such as the European Union, the UK, and the US have imposed many economic sanctions on Russia.
All these geopolitical tensions can lead to a crunch in the crude oil supply, due to which the prices of oil have also increased sharply in the last few weeks.
And this is not a good sign for India because India imports more than 80% of its total oil requirement and an increase in oil price will raise the fiscal deficit and inflation levels in India.
So now in this whole situation, Russia is looking for new buyers to export its oil on one hand, and on the other hand, India wants to buy oil at a low price to reduce its increasing energy bill.