Indian imports of Russian oil have surged as the country tries to curb inflation with cheap crude, official says

India has increased its share of Russian oil imports in order to curb inflation, according to the country's financial minister.

Since the start of the war, India has been one of Russia's largest fuel consumers, buying Russian crude at hefty discounts while the West shuns supplies from the country.

Russia's oil shipments to the nation fell for the first time since the war in July as Indian suppliers began buying cheaper Saudi crude. Russia's share of India's oil consumption has gone up five-fold from 2% in February to 12%.

She said that it's all part of India's battle against rising inflation.

"In a situation where global prices were going beyond anyone's affordability, I respect the Prime Minister for his courage on this to get crude oil from Russia because they are ready to give it to you at a discount."

India's consumer inflation fell to 6.7% in July but is still above the government's target rate of 2% to 6%. The effects of the global energy crisis on fuel prices would be mitigated by the discounted imports of Russian crude.

Western nations have sought India's support in the G7 plan for a price cap on Russian crude but Indian officials have said it would need to see more support from other Russian allies before backing the proposal.

Russia is threatening to sell more crude to Asia if the G7 goes ahead with the price cap.