Russia Pockets $24B from Selling Energy to China, India

JUL 6 2022·Updated NOV 10 2022

Story

Image credit: Bloomberg [via Al Jazeera]

The Facts

In the three months following Russia's invasion of Ukraine, China and India have reportedly bought $24B of Russian oil, gas, and coal, mitigating punitive measures imposed by the US and Europe.
Bloomberg.com
China spent $18.9B on Russian energy, nearly doubling last year's amount, while India purchased $5.1B in the same period - more than five times the value of a year ago.
Al Jazeera
Russia is expected to earn $285B from oil and gas sales this year as Asian countries are buying petroleum from Moscow at discounted prices.
Business Insider
Meanwhile, European Commission Pres. Ursula von der Leyen said on Wed. that the EU must be prepared for a "complete cut-off of Russian gas" amid further possible disruptions in energy flows. An emergency plan for next winter is expected to be presented on July 20.
EUobserver
She emphasized that the EU's efforts to diversify its energy sources are already bearing fruit, pointing out that global LNG exports to Europe are up 75% since March compared to 2021, while exports from the US to Europe have nearly tripled.
Time
As for Russian oil, Washington and its allies are now reportedly considering a price cap of $40-$60 per barrel, though the measure's feasibility remains uncertain.
Business Insider

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

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PRO
ESTAB

The Spin

Pro-Russia narrative

The West has failed miserably in its attempt to bring Russia to its knees through economic warfare, under the guise of supporting Ukraine. This is also because it refuses to acknowledge that a multipolar world beyond its control has long since emerged. Washington and its allies, with their hubris toward Russia, are causing massive damage not only to themselves but to the entire world.

wsj

Anti-Russia narrative

Yes, standing up to Putin's neo-imperial appetite requires sacrifices. But contrary to Kremlin propaganda, the sanctions are having a significant social impact in Russia. This makes it all the more important for the West to ensure the sustainability of its strategy of backing Ukraine against Russian aggression for as long as it takes. It's crucial to enshrine existing sanctions in legislation and to tighten up international solidarity for implementing them.

Al Jazeera

Establishment-critical narrative

It's hypocritical to impose sanctions on Russia for invading Ukraine, but not on the US for invading Iraq for equally unjustified reasons, or on Israel for invading and annexing Arab lands.

Al Jazeera