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Ukraine war: India, China buy Russian oil and gas worth $24 bn in 3 months

China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show

Combined Russian oil flows for Asia’s top two buyers, India and China, surged to records in April. (Photo: Bloomberg)
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That spree is unlikely to end anytime soon, with energy prices much higher than they were at this time last year, even accounting for the steep discounts to global benchmarks Russia is offering to entice purchasers. (Photo: Bloomberg)

Dan Murtaugh and Debjit Chakraborty | Bloomberg
Russia has pocketed $24 billion from selling energy to China and India in just three months following its invasion of Ukraine, showing how higher global prices are limiting efforts by the US and Europe to punish President Vladimir Putin.

China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show. Meanwhile, India shelled out $5.1 billion in the same period, more than five times the value of a year ago. That’s an extra $13 billion in revenue from both countries compared