Russia pockets $24bn from selling energy to China, India

In the three months following its invasion of Ukraine, Russia gained $24 billion from energy sales to China and India, benefiting from higher global prices. China's expenditure on Russian energy doubled from the previous year to $18.9 billion, while India's spending increased more than fivefold to $5.1 billion. This surge in revenue from China and India compensates for reduced purchases by the US and Europe, aimed at penalizing Russia for the war. The situation is exacerbated by high energy prices and inflation, threatening global economies. China, as the world’s largest energy importer, has maintained strong trade flows with Russia, even amid its own energy consumption challenges. India's dramatic increase in Russian energy imports, including oil, coal, and liquefied natural gas, is a response to the shifting global energy market and European embargoes on Russian oil.