As Russia tries to break the stranglehold of sanctions, China and India are emerging as Moscow’s pivotal financiers by purchasing large amounts of Russian crude, putting themselves in the middle of the messy war with Ukraine and a geopolitical standoff with the West. It’s a complex calculation for China, India — and the global economy. China can diversify its oil supplies for national security reasons, while India can make billions exporting refined products like gasoline and diesel. But undercutting European and American efforts to isolate the Kremlin risks serious diplomatic fallout that neither country wants. China has avoided overtly supporting Russia’s war in public statements, and India has portrayed itself as neutral.

Source: International New York Times June 25, 2022 05:43 UTC