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Russia has never been richer after selling $37 billion in oil to India last year
Posted on 2/24/24 at 4:48 pm
Posted on 2/24/24 at 4:48 pm
quote:
Russia has never been this flush with cash — and it's partly thanks to India, which snapped up a monster amount of Russian crude last year.
Russia's federal revenue soared to a record $320 billion in 2023 — an amount partly attributable to India's huge appetite for cheap Russian oil, according to a new report from the Centre for Research on Energy and Clean Air shared with CNN.
The nation bought $37 billion of crude from Russia last year, the report said, around 13 times what it purchased from Russia before the war in Ukraine.
India has been a huge customer of Russian crude since Moscow began its invasion of Ukraine. After being slammed by Western trade restrictions, Moscow has doled out hefty discounts to its allies, like India and China, who have since gobbled up huge amounts of oil from the nation.
quote:
The two countries have replaced most of Russia's Western customers, with Russia diverting nearly all of its oil shipments to China and India alone, a top official said last year. In particular, Russia accounted for 35% of India's oil purchases in 2023, according to an analysis from S&P Global.
India, one of the largest oil refiners in the world, is also known to process Russian crude before passing it off to Western nations, which banned Russian crude in late 2022. India likely exported around $1.3 billion of oil products of Russian origin to the US from December 2022 to the end of 2023, the CREA analysis found.
Meanwhile, $9.1 billion of Russian oil products were indirectly purchased by nations who are enforcing sanctions on Russia — 44% more than the amount purchased the previous year, the think tank said.
India, though, is facing mounting pressure to comply with Western trade restrictions — a possible reason Indian exports of Russian oil just slumped to their lowest level in a year in January.
quote:
There are also signs that the nation is turning away fully loaded tankers of Russian oil. A sanctioned tanker holding Russian crude was reported to drift off the coasts of India late last year as Indian officials considered whether to let the ship dock. Five other oil tankers turned away from India after idling near its shores for about a month, Bloomberg reported.
https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2?op=1
China buys Russia's Sokol crude as Indians turn away amid concerns
![](https://bsmedia.business-standard.com/_media/bs/img/article/2024-02/21/full/1708504671-1604.png?im=Resize=(640,480))
https://www.business-standard.com/world-news/china-buys-russia-s-sokol-crude-as-indians-turn-away-amid-concerns-124022100483_1.html
Posted on 2/24/24 at 4:53 pm to loogaroo
This is shocking, I'm shocked as F
Posted on 2/24/24 at 4:55 pm to loogaroo
But weewee, citizenk, doubleb, and gop_tiger said Russia was out of money
And food, ammo and military equipment![](https://images.tigerdroppings.com/Images/Icons/IconLOL.gif)
![](https://images.tigerdroppings.com/Images/Icons/Iconrotflmao.gif)
And food, ammo and military equipment
![](https://images.tigerdroppings.com/Images/Icons/IconLOL.gif)
Posted on 2/24/24 at 4:56 pm to loogaroo
But big bad awesome Joe just put 600 sanctions on Putin!
Posted on 2/24/24 at 5:14 pm to loogaroo
I have to shake my head. $37 billion is a huge amount to the media when discussing other countries. And it really is a large chunk of cash to the vast majority of countries.
"Russia's federal revenue soared to a record $320 billion in 2023" Massive.
Drop in the bucket compared to the US "budget" however.
To put it another way, we're looking at sending another $95B to Ukraine. Russia's yearly federal revenue was $320b.
*It looks like Ukraine's TOTAL revenue for 2019 was $37 billion. And we have sent them how much the past couple years?
"Russia's federal revenue soared to a record $320 billion in 2023" Massive.
Drop in the bucket compared to the US "budget" however.
To put it another way, we're looking at sending another $95B to Ukraine. Russia's yearly federal revenue was $320b.
*It looks like Ukraine's TOTAL revenue for 2019 was $37 billion. And we have sent them how much the past couple years?
Posted on 2/24/24 at 5:27 pm to loogaroo
Does this mean they can buy nicer shovels to fight the Ukrainians with? /sarcasm font
Posted on 2/24/24 at 6:28 pm to loogaroo
Meanwhile Potatus restricts our LNG exports.
Biden is like playing chess with a pigeon. He struts around, knocks over a few pieces, shits on the board and thinks he is winning.
Biden is like playing chess with a pigeon. He struts around, knocks over a few pieces, shits on the board and thinks he is winning.
Posted on 2/24/24 at 6:40 pm to loogaroo
Selling oil at a discount means they’ve never been richer? Only $37 billion?
That’s about 1/6 of Elon Musk’s current estimated wealth. If finally reaching a small percentage of Musk’s wealth means Russia has “never been richer,” Russia is pretty damn poor.
That’s about 1/6 of Elon Musk’s current estimated wealth. If finally reaching a small percentage of Musk’s wealth means Russia has “never been richer,” Russia is pretty damn poor.
Posted on 2/24/24 at 6:50 pm to loogaroo
I was told in another thread that paying higher gas prices in America was really sticking it to Putin.
cwill will be here any minute to tell you how wrong you are.
cwill will be here any minute to tell you how wrong you are.
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