China and India are saving Russia from economic collapse
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Russian invasion to Ukraine unites the west against the same enemy. It also built a faltered coalition in the east who had maintained the Russian economy to live since the conflict began.
The last few weeks have seen the US, UK, and the European Union attacking the Russian energy industry with a variety of prohibitions in Russian coal, crude oil and natural gas. Moving, according to the Secretary of the Treasury Janet Yellen, will force the Kremlin “to choose between supports its economy and funds the continuation of Putin’s brutal war.”
But Russia has not felt the pressure as expected west. Blame largely located in India and China. No country explicitly side with or against Russia, and vice versa has been established on a gloomy midway while the majority of world countries condemned President Vladimir Putin. They also continued to buy Russian energy, indirectly funded the invasion of Ukraine while maintaining the same effective trade relations they had before the war began.
India aggressively increases the purchases of Russian oil in recent weeks, interested in prices that are very discounted compared to other crude oil interest rates. The Indian government has ordered at least 13 million barrels since the war broke down at the end of February, according to Reuters. That number, accumulated for two months, was close to 16 million barrels purchased by India from Russia through all 2021.
China, meanwhile, still respects existing oil contracts with Russia, Reuters reported. China’s distiller has refrained from signing a new offer, but the continuation of the existing plan was locked in the main buyer for the Kremlin. China is the largest buyer of Russian oil, after importing nearly 1.6 million barrels a day throughout the 2021, according to Chinese government data.
