India and China are protecting Russia from Economic Collapse

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India and China are protecting Russia from Economic Collapse
20 Apr 2022
5 min read

News Synopsis

Following Russia's invasion of its neighbor, Ukraine, The West united against a common adversary.  However, it also created a shakier coalition in the East that has been contributing towards keeping Russia's economy alive. In the past few weeks, in a bid to cripple the Russian economy, the US, UK, and European Union had struck at Russia's energy industry with various bans on Russian coal, crude oil, and natural gas. According to Treasury Secretary Janet Yellen, these decisions would eventually force the Kremlin "to choose between propping up its economy and funding the continuation of Putin's brutal war."

However, the Russian Federation has not been affected by the Western sanctions like the Western alliance estimated. The major reason behind the stable Russian economy despite extensive sanctions is said to be India and China. Neither nation has explicitly sided with or against Russia and instead took a neutral ground while the majority of the world's nations condemn President Vladimir Putin. Additionally, India and China continued to buy Russian energy, maintaining effectively the same trade relationships they had before the war began. According to Reuters, lately, India has increased its purchases of Russian oil at discounted prices. Since the Russian invasion, India has ordered at least 13 million barrels of oil.

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