Russia Bagged $24bn with Energy Products Sold to Communist China and India

On July 6th, a report has it that, just three-month after the Russian invasion of Ukraine, Moscow has sold $24bn worth of energy products to Communist China and India.

Customs data shows, in the three-month period till end of May this year, Communist China has spent $18.9 billion on Russian oil, gas, and coal, doubled the amount from last year. In the meantime, India shelled out $5.1bn on Russian energy products, 5 times worth imports of the same period last year.

According to reports, lead analyst at the Centre for Research on Energy and Clean Air, “India has been the main buyer of the cargoes out of the Atlantic that Europe refuses to accept, while India may have incentive to boost purchases even further in the coming months as a European Union sanction on Russian oil takes effect.” With regards to China, despite various COVID travel restrictions widely implemented, and oil consumption on the decline at the former half of the year, the ongoing upwards trend of oil price and increased import volume pushed up total spend on buying Russian energy.

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