Imports soared 5.7 times, with Russia becoming India's second-largest supplier of crude oil

Since the outbreak of the Russian-Ukrainian conflict, Russia's energy income has declined due to import restrictions such as the United States, Europe and Japan, but as developing countries expand imports, Russia's energy income has fallen
significantly.
Among these countries, India is the most prominent one
.

"Japan Keizai Shimbun" quoted data from the Energy and Clean Air Research Center, a Finnish think tank, on October 10, saying that from July to August this year, Russia's energy exports to India increased by 40 million euros, a year-on-year increase of 5.
7 times, the largest increase in
the world.
According to Indian data, Russia has become India's
second largest crude oil supplier as of June 2022.
A year ago, Russia was only in tenth
place.

In 2019, the share of Russian oil in India's oil imports can only be classified as "other" Source: CNBC

Energy is a key industry in Russia, with oil and gas exports accounting for about 40 percent
of government revenue.
After the outbreak of the Russian-Ukrainian conflict, in order to weaken Russia's war capabilities, the United States, together with the European Union and Japan, imposed a series of sanctions
on Russia's oil and coal.
As of August, Russia's fossil fuel exports to the EU had fallen by 35%; For the US and the UK down about 90%; The decline to Japan was about 70 percent, which equates to a reduction in export earnings
of about 250 million euros per day.

However, the overall decline in Russia's energy exports is much smaller
.
In July-August this year, Russia's total daily exports of oil, coal and natural gas fell by only 18% compared with February and March, of which pipeline natural gas exports fell the most, reaching 56%; followed by petroleum products, down 34%; Finally, coal exports, down 29 percent
.
At the same time, crude oil prices rose by 19%.

Combined, Russia's energy export earnings fell by about 170 million euros
per day.

According to the Japan Keizai Shimbun, Russia's reliance on the sale of energy to countries not participating in sanctions, such as India, has effectively offset the losses
caused by sanctions.
U.
S.
Treasury Secretary Janet Yellen also mentioned last month that Russia has heavily discounted the oil it sells to emerging economies, with several countries cutting prices by 30 percent
.

In addition to the above-mentioned India, Russia's energy exports to the UAE and Egypt increased by about 9 times and 3 times, respectively, and energy exports to Turkey increased by about 20%.

Russia's energy exports to China also increased by 17 percent, mainly coal exports by 53 percent, and oil exports by 16 percent
.

Russia is also actively sending its oil to customers worldwide through third-party processors
.
For example, the port of Fujairah in the United Arab Emirates is considered a "major hub" for the circulation of Russian oil products by third parties, where Middle Eastern countries process Russian crude oil into petrochemicals and export them to the rest
of the world.

Fujairah Port An important transshipment port on the eastern coast of the UAE

Soaring energy prices have also weakened the impact
of economic sanctions.
In the six months since the conflict began, Russia has earned a total of 158 billion euros
from fossil fuel exports, according to the Finnish agency.
The agency estimates that the cost of war in Russia during the same period is about 100 billion euros
.

According to the Russian Ministry of Finance, the country's fiscal surplus in the first half of 2022 was 1.
37 trillion rubles ($22.
195 billion), although as of August, that figure narrowed to 137 billion rubles
.