India could rely on Russia for half its oil imports soon as Moscow continues to sell cheap barrels

• Russia accounted for 30% of India's oil imports in March, per a Nikkei analysis.
• That's up from less than 2% in January 2022, and the figure could hit 50% this month. 
• Russia's oil exports have returned to pre-war levels, with India and China absorbing 90% of those supplies. 

Russia accounted for 30% of India's oil imports in March, according to a Nikkei analysis, and that new high could jump further to 40%-50% in April.  

That figure is up from less than 2% in January 2022, just before Russia invaded Ukraine and when India at the time primarily relied on the Middle East for its oil.