Russia snagged $24 billion in just three months from its energy sales to India and China, report says
Russiabagged $24 billion in just three months to the end of May from its energysales to Asia. Chinasnapped up a staggering $18.9 billion worth of Russian energyproducts, Bloomberg reports.
Russia raked in $24 billion from selling energy to
China spent a staggering $18.9 billion on
Overall, Russia earned an extra $13 billion in revenue from India and China's energy shopping spree compared to the same time last year.
Western sanctions and boycotts on Russian energy over its war with Ukraine have backfired after Asian countries including India and China snap up its commodities at discounted prices. The two countries now account for 50% of Russia's seaborne oil exports, undermining efforts by the US and EU to punish Russia for its unprecedented aggression.
This year alone, Russia is on track to earn $285 billion from the boost in oil and gas sales, Bloomberg Economics forecasts.
With the sanctions in place, it's sent energy prices across the globe shooting upwards as a result of squeezed supply, fanning the flames on already hot-inflation as well as sparking recession fears.
But while Russia is enjoying a massive windfall from its energy exports right now, a recent Bloomberg report suggested it may not be able to do so for much longer. Cargoes bound for Asia fell by more than 15% from the highs seen in May, in a sign that demand may be drying up.
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