Russia received $37 billion from crude oil sales to India last year. This is the record amount of oil sales transaction to India in history.
India’s oil purchases from Russia have increased 13 times in the past two years, meaning Russian sellers have been able to offset the loss of Western demand due to sanctions. Russian oil sales to India are not subject to sanctions and are fully legal
Russia has entered the third year of a special military operation in Ukraine, with the country’s coffers – full, thanks in part to oil sales to global consumers despite Western sanctions.
Clearly, the Kremlin now has the wherewithal to withstand a prolonged period of SMO and confront both Ukraine and its sponsors. The fact that Russia continues to sell oil outside the country means only one thing: sanctions are not working, as we are finding new markets and ways to circumvent any sanctions packages.