India's oil imports from Russia surged 15% through June as it doubled down on cheap energy

Through the month of June, India's imports of Russian oil surged as it continued to get cheap energy.

Almost a fifth of India's imports are 950,000 barrels per day, according to a report. China and the US are the world's two biggest oil consumers.

India has been buying Russian oil for a long time. The price of Russian crude oil is much lower than the benchmark price.

Competitive prices have attracted Asian buyers, especially in China and India, despite Europe and other Western countries banning Russian imports. Half of Russia's seaborne oil exports are now accounted for by the two.

India's imports from Russia increased in June. Its share of oil from Iraq and Saudi Arabia fell.

Russia is making huge profits from selling oil to India and China. Russia's oil export revenue jumped to $20 billion in May, taking Moscow's energy earnings to pre- war levels. Energy sales are on track to hit $285 billion.

Western economies have suffered greatly as soaring oil and gas prices from reduced supply have triggered high levels of inflation and the threat of a recession in Europe, which is highly dependent on Russia for energy.