The oil trade between Russia and India has entered a new phase, marked by the dominance of a few large trading firms and the exit of smaller intermediaries. This transformation is a reflection of broader geopolitical and economic trends, including the impact of Western sanctions on Russia and the evolving nature of global energy markets. For India, this shift offers both opportunities and challenges as it navigates its energy security goals in an increasingly complex global environment.

Until recently, the Russian oil trade with India was characterised by a proliferation of middlemen, drawn by lucrative margins and the urgency of Russian producers to reroute supplies away from Western markets. However, rising funding costs in Russia and restricted access to Western financial systems have pushed many smaller players out. With fewer intermediaries, the trade has become more streamlined, but also more concentrated, with only a handful of dominant players managing the majority of........

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