Is Russia Losing India?
... skyrocketed in 2022 and reached an unprecedented $35 billion. However, this spectacular (2.5 times!) growth became possible almost exclusively due to an explosive increase of Russia’s deliveries of crude oil, as well as of coal and fertilisers to India. In view of the massive Westen economic sanctions and the rapid demise of the Russia-EU strategic energy partnership, Moscow had to sell a lot of its oil to India at heavily discounted prices. On the other hand, the Indian export to Russia did not change in any significant way over the last year—neither in overall numbers, nor in its structure. As a result, we now observe ...