India, China growing markets for shunned Russian oil
NEW DELHI (AP) India and other Asian nations are becoming an increasingly vital source of oil revenues for Moscow despite strong pressure from the U.S. 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 Moscows 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 countrys invasion of Ukraine, despite a fall in export volumes in May.
Revenue from fossil fuel exports is the key enabler of Russias military buildup and aggression, providing 40% of federal budget revenue, it said.
https://apnews.com/article/russia-ukraine-politics-business-china-middle-east-b6a90423ee7e2245e3eafc713083896f