In Russia's war, China and India emerge as financiers

Both countries are at the centre of major realignments of the global energy system and politics.

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As Russia tries to break the stranglehold of sanctions, China and India are emerging as Moscow's pivotal financiers by purchasing large amounts of Russian crude, putting themselves in the middle of the messy war with Ukraine and a geopolitical stand-off with the West.

It's a complex calculation for China, India - and the global economy. Buying cheap oil from Russia offers economic and political advantages. China can diversify its oil supplies for national security reasons, while India can make billions exporting refined products like petrol and diesel.

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A version of this article appeared in the print edition of The Straits Times on June 27, 2022, with the headline In Russia's war, China and India emerge as financiers. Subscribe