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The Kremlin has never been richer – thanks to a US strategic partner

·1 min

Russia is benefitting financially amidst its war in Ukraine, fueled by increased crude oil sales to India. An analysis by the Centre for Research on Energy and Clean Air (CREA) reveals that India’s purchases of Russian crude have surged, replacing reduced purchases by Western buyers due to sanctions over Russia’s invasion of Ukraine. The flow of payments, including shipments disguised by ship-to-ship transfers, has allowed Russia to evade sanctions and maximize profits. The shadow fleet of crude tankers has enabled Russia to create a parallel shipping structure, undermining Western sanctions. The funds from these sales have significantly boosted Russia’s federal revenues and provide crucial financial support for the ongoing conflict in Ukraine.