Facts regarding the stand taken by western oil companies on pulling investments out of Russia varied on the ground. Less than 1% of crude oil was imported from Russia.

Insofar as oil imports from Russia are concerned, contrary to what has been played up in the press, these are minuscule. Even now, the total amount contracted will be less than three days’ supply from Russia to India and that also spread over the next three to four months.

India requires a total of 5 million barrels per day. 60% of it comes from Gulf. We have imported from Russia, just 0.419 MMT, i.e. 0.2% of total requirement during April-January this fiscal.