Russian crude export to India were negligible before the war

Five charts to start your day

Mahatma Gandhi’s principles of nonviolence and neutrality are principles my family and I long admired, even after Goa was annexed in 1961 by force. We still love the Indian Union and believe in it firmly, but is is difficult relationship. Today, India still draws on these ideals, but the geopolitical landscape and its own economic ambitions make things a bit awkward.

A recent leak uncovered by the Financial Times suggests a significant departure from this balance. Russian state documents reveal that Moscow has been building a secretive trade route with India, designed to funnel around $1 billion from oil sales into sensitive technologies supporting its war effort in Ukraine.

This backchannel, formulated by Russia’s industry and trade ministry in 2022, aims to bypass Western sanctions by acquiring electronics critical for military use, with hints of joint Russo-Indian electronics production.

This could severely strain India’s relations with Washington, which has hinted at possible sanctions on those Indian entities involved. While the full extent of the plan remains unclear, data shows a sharp rise in Russian crude exports to India since the Ukraine invasion.

For a country born out of centuries of harsh colony rule under Britain, India is now financing Russia’s own imperialist ambitions in Ukraine.

Source: Financial Times

Coming up:

• To rent or to own in the United States

• Kamala has now leads the polls in the US election race

• Global semiconductor industry sales

• EV sales are hitting new heights in Norway

If you like the sound of that line up, this is usually a paid newsletter. You basically get all my best ideas daily. Hit the subscribe button if you are interested and this will be sent to your inbox daily.