India's imports of Russian oil jump fivefold, helping war efforts

  • 10-Oct-2022
  • India's imports of Russian oil jump fivefold, helping war efforts

TOKYO — Since Moscow attacked Ukraine earlier this year, Russian fossil fuel exports to China and India have increased dramatically, helping to restock the Kremlin's war chest even as supplies to the United States, Europe, and Japan have fallen precipitously.

An examination of data from the Center for Research on Energy and Clean Air, a Finnish think tank, revealed that the value of Russia's energy exports to China jumped 17%, or 30 million euros ($29 million), in the period of July-August compared to the months of February and March. Oil shipments increased 16% while coal exports increased 53%.

The biggest rise in the globe in terms of exports was a factor of 5.7, or 40 million euros, within the same time frame. According to Indian trade figures, Russia moved up from tenth place in 2021 to become the second-largest crude exporter to India in June.

In comparison to February and March, Russia's total daily exports of natural gas, coal, and oil decreased by 18% in July and August. The highest loss in pipeline-delivered natural gas was 56%, followed by a 34% decline in petroleum products and a 29% decline in coal. Contrarily, the price of crude oil rose by 19%.

Oil and gas make up over 40% of Russia's government revenue, making the energy sector a crucial one for the country. The United States, Japan, and the European Union have put a number of restrictions on Russian coal and oil in an effort to deprive Moscow of the money it needs to fund its conflict in Ukraine.

As a result, Russia's exports of fossil fuels to the EU decreased by 35%. The United States, the United Kingdom, and Japan all experienced drops of about 90%. Each day, exports to these nations fall by around 250 million euros.

The Russian Ministry of Finance reports that the country's budget surplus decreased to 137 billion rubles for the year ending in August from 1.37 trillion rubles ($21.9 billion) in the first half of 2022.

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