Russia has pocketed $24 billion from selling energy to China and India in just three months following its invasion of Ukraine, showing how higher global prices are limiting efforts by the US and Europe to punish President Vladimir Putin.
China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show. Meanwhile, India shelled out $5.1 billion in the same period, more than five times the value of a year ago. That’s an extra $13 billion in revenue from both countries compared to the same months in 2021.
The higher spending is helping make up for decreased purchases from the US and some other nations that have halted or slowed buying to punish Russia for the war. The bans have sent prices for alternative supplies soaring and spurred crippling inflation that threatens to send major economies into recession.
