With China and India buying Russian oil, Moscow is earning more than before the war

[867-5309.]

...China and India, the world’s most populous countries, have swooped in to buy roughly the same volume of Russian oil that would have gone to the West. Oil prices are so high that Russia is making even more money now from sales than it did before the war began four months ago. And its once-flailing currency has surged in value against the dollar.

Russian officials are smirking over what they are calling a spectacular failure to cow Mr. Putin. And the economic pain the oil boycott was meant to inflict is reverberating not so much in Moscow but in the West, especially the United States, where skyrocketing oil prices pose a potent threat to President Biden less than halfway into his term...

https://www.nytimes.com/2022/06/21/world/europe/ukraine-russian-oil-embargo.html

[mahatmakanejeeves]

1. Are their economies soaring, and I've missed it?

What are they doing with all that oil?

[Celerity]

2. Indian economy to grow by 7-7.8 pc in FY23 despite global headwinds

https://economictimes.indiatimes.com/news/economy/indicators/indian-economy-to-grow-by-7-7-8-pc-in-fy23-despite-global-headwinds-experts/articleshow/92411777.cms

The Indian economy can grow by 7-7.8 per cent this fiscal on the back of better agriculture production and a revitalised rural economy amid global headwinds mainly due to the ongoing Russia-Ukraine war, eminent economists said.

Eminent economist and BR Ambedkar School of Economics (BASE) Vice-Chancellor NR Bhanumurthy said at present Indian economy is facing multiple headwinds largely from external sources.

Noting that global inflationary pressures and the Russia-Ukraine war have brought in risks to the economy, which is otherwise strong with all the domestic macro fundamentals being well managed, he said unlike advanced economies, India's Covid stimulus measures, especially the fiscal policy interventions, are less inflationary and rather growth-enhancing.

"With better agricultural production and revitalised rural economy India should touch 7 per cent growth in the current year despite global headwinds," Bhanumurthy told PTI.

snip

[BumRushDaShow]

6. "What are they doing with all that oil?"

As long as the U.S. and Europe continues getting bulk APIs (Active Pharmaceutical Ingredients) from China and India, then yeah, they have a definite use for that oil.

E.g., Dr. Reddy's.

Below from here -



And even India has been undercut by China in terms of cost of manufacturing but as long as the world needs those OTC and prescription drugs, then....

[Tom Rinaldo]

3. High oil prices dramatically accelerate the push to find alternatives, and for conservation.

Russia is totally dependent on oil sales well into the indefinite future. They are forcing much of the world to move away from oil as fast as possible. This does not end well for Russia, they have no alternative economic engine.

[dutch777]

4. Maybe some sanctioning or boycotting of Chinese and Indian goods in in order?

Has to be a price to be paid, not just let them end run RU sanctions.

[867-5309.]

5. I can't imagine that ever happening

We are too intertwined / dependent on trade with China.