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A sign indicating that a fuel pump nozzle is out of service is seen at a gas station in Rostov-on-Don, Russia, on June 23 (local time). According to local officials, gas stations in several regions

Reuters reported on July 1 (local time) that Russia has begun importing gasoline from India to address its domestic fuel shortages driven by targeted strikes on its energy infrastructure.

The Kremlin officially confirmed on June 30 that the Russian government is in talks with multiple nations to secure fuel imports at reasonable prices.

Russia reportedly plans to import a total of 400,000 tons of gasoline monthly from various countries, including neighboring Belarus. According to multiple industry sources, at least 60,000 tons of Indian gasoline are already en route to Russia.

The country has recently grappled with fuel supply disruptions, with gasoline prices soaring to record highs, long queues forming at gas stations, and rationing reportedly implemented in some regions. Summer typically brings a surge in fuel demand, with daily consumption reaching at least 110,000 tons, Reuters noted.

During a recent meeting with government officials, Russian President Vladimir Putin acknowledged that Ukrainian drone strikes on oil refineries in several regions had triggered the fuel shortages, but maintained that the government is actively responding to the crisis.

Last week, the Russian parliament approved tax code amendments to counter the fuel shortage, which include a provision to grant import subsidies based on the gate prices and transportation costs of Indian fuel.

Meanwhile, Indian refiners looking for alternative suppliers amid the closure of the Strait of Hormuz have ramped up purchases of Russian crude oil, sending bilateral oil trade skyrocketing.

According to data from the London Stock Exchange Group (LSEG) and vessel-tracking firm Kpler, India's imports of Russian crude reached a record high of approximately 2.7 million barrels per day in June. The share of Russian crude in India's total oil imports jumped sharply from 36.5% in May to over 50% in June.

                                                                                                          Lee Jeong-eun