NEW DELHI: India and other Asian nations are becoming an increasingly vital source of oil revenues for Moscow despite strong pressure from the US not to increase their purchases, as the European Union and other allies cut off energy imports from Russia in line with sanctions over its war on Ukraine. Such sales are boosting Russian export revenues at a time when Washington and allies are trying to limit financial flows supporting Moscow’s war effort. A report by the Helsinki, Finland-based Centre for Research on Energy and Clean Air, an independent think tank released Monday said Russia earned 93 billion euros ($97.4 billion) in revenue from fossil fuel exports in the first 100 days of the country's invasion of Ukraine, despite a fall in export volumes in May. "Revenue from fossil fuel exports is the key enabler of Russia's military buildup and aggression, providing 40% of federal budget revenue,” it said. India, an oil-hungry country of 1.4 billion people, has guzzled nearly 60 million barrels of Russian oil in 2022 so far, compared with 12 million barrels in all of 2021, according to commodity data firm Kpler. Shipments to other Asian countries, like China, have also increased in recent months… Read full this story
- Stock markets climbing wall of worry, little by little
- No normalcy in relations with China until borders not peaceful: Jaishankar
- India chooses wider partnerships, not military pacts in Indian Ocean Region
- India pick up four wickets but Australia remain ahead in WTC final
- India not planning to invite Ukraine to G20 summit in September
- India hits out at Canada for giving space to separatists, extremists elements
- India's Samudrayaan project on track, construction of manned submersible vehicle apace: Kiren Rijiju
- 50 new medical colleges approved in India this year, adding 8,195 undergraduate seats: Sources
- Group Legrand India rebuilds flood-affected Kharballi LP School in Assam's Barpeta
- Four takeaways on the future of the global electric vehicle market
Russian oil India: India, China growing markets for shunned Russian oil | India Business News - Times of India have 306 words, post on timesofindia.indiatimes.com at June 13, 2022. This is cached page on Vietnam Art News. If you want remove this page, please contact us.