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<ul class="summary-list"><li><keyword id="11892705" type="UNKNOWN" weightage="60" keywordseo="germany" source="Orion">Germany</keyword> gave <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> billions for <keyword id="11970530" type="UNKNOWN" weightage="60" keywordseo="fossil-fuels" source="Orion">fossil fuels</keyword> in the first 100 days of the <keyword id="13186997" type="UNKNOWN" weightage="60" keywordseo="ukraine-war" source="Orion">Ukraine war</keyword>, per an analysis.</li><li>The analysis by the Centre for Research on <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">Energy</keyword> and Clean Air put the figure at $12.5 billion.</li></ul>Germany paid Russia more than $12.5 billion for fossil fuels during the first 100 days of the <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> invasion, an analysis shows.Russia earned $97 billion in revenue from fossil fuel exports from February 24 to June 3, according to an <a href="https://energyandcleanair.org/wp/wp-content/uploads/2022/06/Financing-Putins-war-100-days_20220613.pdf">analysis</a> by the Centre for Research on Energy and Clean Air (CREA), a think tank based in Helsinki, Finland.During this time, Germany was Moscow's biggest client for pipeline <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> with imports hitting around $8.3 million, per the analysis. Having said this, the analysis showed that China surpassed Germany as the largest importer of all fossil fuels from Russia. Germany has cut Russia's <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and gas imports by 25% and 31%, respectively, since President Vladimir Putin's troops invaded Ukraine, per the analysis.Germany continues to rely on Russia for <a href="https://www.businessinsider.com/germany-doesnt-want-too-successful-replacing-russian-natural-gas-renewables-2022-6">35% of its natural gas</a> but plans to wean itself off Russian fuel imports by the end of 2024, <a href="https://www.bmwi.de/Redaktion/EN/Pressemitteilungen/2022/03/20220325-minister-habeck-germany-is-quickly-cutting-its-dependence-on-russian-energy-but-we-still-need-to-act-prudently.html">the country's economy minister</a> said in a March 25 press release.Trailing behind Germany were Italy and the Netherlands, which both paid Russia around $8 billion for fossil fuels, and then Turkey, which spent nearly $7 billion on imports, according to CREA's analysis.Since the beginning of the Ukraine <keyword id="11904994" type="UNKNOWN" weightage="60" keywordseo="war" source="Orion">war</keyword>, Russia has supplied the European Union with 85% of pipeline gas, 75% of liquefied natural gas, 50% of crude oil, 30% of coal, per the analysis. Overall, the EU has spent around $59 billion on 61% of Russia's fossil fuel exports, the analysis said.European Union leaders reached an <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5">agreement</a> at the end of May to cut around 90% of oil imports from Russia by the end of 2022. Meanwhile, the US <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">banned Russian energy imports</a> in March.Putin said in a meeting on Thursday that the West won't be able to <a href="https://www.businessinsider.com/putin-says-few-years-before-west-cuts-russia-oil-gas-2022-6">cut off Russian energy resources</a> over the next few years, <a href="https://interfax.com/newsroom/top-stories/80095/">Interfax</a> reported.

Germany paid Russia more than $12.5 billion for fossil fuels over the first 100 days of the Ukraine war, analysis finds

<div type="image" title="Coronavirus vaccine" height="999" width="1999" msid="81450615" hostid="261"></div><ul class="summary-list"><li>The EU's vaccination rollout is going so badly that China and Russia are now moving to sell their own supplies to Europe.</li><li>China and Russia are using the contracts as leverage to extract concessions from Europe.</li><li>The development has wide-ranging implications for relations between the powers and the West.</li></ul>The EU's vaccination rollout is going so badly that China and Russia are now stepping in to make up the difference, with wide-ranging consequences for relations between the two powers, Europe and the US."In both cases, there is a geopolitical agenda," said Dalibor Roháč, a resident scholar at the American Enterprise Institute, in an interview with Insider this week."If Chinese and Russian vaccines are effective and help [European] countries emerge out of the pandemic sooner than their neighbors, China and Russia will have bought themselves a lot of goodwill in the region - at the expense of Brussels and Washington - which they can cash in at a time of their choosing," he said.<h2>The EU's vaccine programme is failing</h2>The European Commission <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjR6KW5mqbvAhVcQ0EAHS2WBOgQFjAIegQICBAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fa-shot-in-the-arm-eu-vaccine-program-struggles-to-speed-up-2021-2&amp;usg=AOvVaw1Yk_PrrGyjqN7oj_8zQ8fT1-2&amp;usg=AOvVaw1Yk_PrrGyjqN7oj_8zQ8fT">has come under intense criticism in recent weeks</a> for the slow progress of its vaccination effort, which was coordinated centrally from Brussels to avoid leaving smaller states behind.A number of factors including dwindling supplies, production problems, and a <a href="https://www.businessinsider.com/eu-plan-block-vaccine-exports-risks-devastating-global-vaccine-supply-2021-1">dramatic row with drug firm AstraZeneca</a> mean that the EU has received far fewer vaccines than it ordered, prompting Germany's finance minister to brand the efforts "a total shitshow." Russia and China are more than happy to try and fill the void.Hungary was the first European member state to lose patience with Brussels and go its own way on vaccines. After its avowedly Eurosceptic prime minister Viktor Orban declared "I'm not waiting," <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwi62s3B6KfvAhU5UhUIHTOcBHYQFjAAegQIARAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fchinese-vaccine-arrives-in-hungary-a-first-in-the-eu-2021-2&amp;usg=AOvVaw1V0LS2Wyy51d8EotGZW3Ct1-2&amp;usg=AOvVaw1V0LS2Wyy51d8EotGZW3Ct">he ordered 5 million doses of China's state-backed Sinopharm vaccine</a> and <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwi62s3B6KfvAhU5UhUIHTOcBHYQFjAAegQIARAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fchinese-vaccine-arrives-in-hungary-a-first-in-the-eu-2021-2&amp;usg=AOvVaw1V0LS2Wyy51d8EotGZW3Ct1-2&amp;usg=AOvVaw1V0LS2Wyy51d8EotGZW3Ct">2 million doses of Russia's Sputnik V vaccine</a>, fast-tracked their approval, and began administering both jabs in February.Other European countries including Poland, Austria, the Czech Republic, and Slovakia have now started eyeing Russian or Chinese vaccines too, <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjW7-3Z6KfvAhU0onEKHcH2AkwQFjAAegQIAxAD&amp;url=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fbrussels-doubts-eu-countries-capitals-look-abroad-russia-china-coronavirus-vaccines%2F&amp;usg=AOvVaw1j1hCvmF32QqxGm0Si1kFk%2F&amp;usg=AOvVaw1j1hCvmF32QqxGm0Si1kFk">Politico reported</a>, despite the fact neither has been approved for use by the EU's medicines agency.The move would fatally undermine the EU's approach to procuring vaccines but for those countries, the calculation is a simple one."Politically for these smaller countries, their economies really need it. It's hard to say no," said Theresa Fallon, director of the Centre for Russia Europe Asia Studies (CREAS) in Brussels, in an interview with Insider."Everyone is struggling to get a vaccine, and if there's an efficient one that they can get their hands on for not a lot of money they'll take it. I don't think they'll think twice about it. The rollout of the vaccine program in Europe has been shambolic."<h2>Russia and China are using Europe's failure to their advantage</h2><div type="image" title="putin biden" height="1077" width="2154" msid="81450616" hostid="261"></div>Whether Russia and China will be able to deliver on their vaccine promises remains an open question, said Fallon.Data <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiIuaHl6KfvAhXYRBUIHfxDDYIQFjAAegQIARAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Frussia-coronavirus-vaccine-phase-3-interim-results-lancet-2021-2&amp;usg=AOvVaw1vEKBSIve-6D_txCXF67tr1-2&amp;usg=AOvVaw1vEKBSIve-6D_txCXF67tr">published by the health journal Lancet</a> indicated that the Sputnik V jab was highly effective in preventing COVID-19, but Russia has not vaccinated much of its own population and there is speculation that it may be struggling with vaccine production - though an agreement reached in Italy to produce 10 million jabs this week <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwj7gsDu6KfvAhVxRhUIHboIDbsQxfQBMAB6BAgDEAM&amp;url=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-health-coronavirus-italy-russia-idUSKBN2B10SK&amp;usg=AOvVaw0YbJXWNwBLFOxuylnibuLC0SK&amp;usg=AOvVaw0YbJXWNwBLFOxuylnibuLC">may improve that situation from July</a>.China's vaccines, meanwhile, are already being delivered worldwide but Beijing has refused to publish <a href="https://www.ft.com/content/99c7a9de-fc11-45ab-890b-f6733ccb4186">comprehensive safety data for the Sinovac and Sinopharm jabs</a>. Fallon also said that fake<a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiuo7KC6afvAhXITBUIHZB2BVsQFjAAegQIARAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fman-sold-water-coronavirus-vaccines-china-arrested-2021-2&amp;usg=AOvVaw2bnj86yxk4x7mW95BrVKqs1-2&amp;usg=AOvVaw2bnj86yxk4x7mW95BrVKqs"> vaccines containing mineral water and saline solution</a> which were shipped abroad from China may undermine trust in their efforts to distribute vaccines to other countries. If Russia and China can deliver on their vaccine promises, it will be far more than a good public relations exercise for both regimes. It could also provide them with geopolitical leverage which makes it harder for countries to impose sanctions and easier to ignore bad faith actions."China is using [its vaccines] not only to win hearts and minds. It's clearly very transactional," said Theresa Fallon. Beijing has already demonstrated its willingness to use its vaccine as a tool for political gain, <a href="https://apnews.com/article/turkey-beijing-coronavirus-pandemic-ankara-china-c8b714974552c484c501a5784efc117a">reportedly delaying a shipment of its Sinovac jab to Turkey</a> as it sought to extract an agreement from the Turkish government on the extradition of Uighur Muslims."Both regimes will seek to extract concessions later on," said Dalibor Roháč."It will be harder to make the argument for imposing further sanctions on Russia when Putin decides to stir trouble in the neighborhood if a number of member states are indebted to Moscow for turning the pandemic around."Likewise, it will be more difficult to make the case even for a partial decoupling with China if Chinese vaccines play a role in the recovery."

The EU's vaccine rollout is going so badly that Russia and China are now stepping in to take advantage

<div type="image" title="biden europe china" height="1063" width="2126" msid="80855065" hostid="261"></div><ul class="summary-list"><li><keyword id="6357018" type="DEFINITION" weightage="60" keywordseo="Analysis">ANALYSIS</keyword>: <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> risks an early rift with America's European allies, over their relations with <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>.</li><li><keyword id="28249" type="COMPANY" weightage="60" keywordseo="europe">Europe</keyword> has signed a pact with Beijing despite warnings from the White House.</li><li>The President must look to other countries to form an alliance against Chinese authoritarianism. </li></ul>The EU's High Representative, Josep Borrell, <a href="https://www.institutmontaigne.org/en/blog/sinatra-doctrine-building-united-european-front">has previously described</a> the EU's global diplomatic strategy as Europeans doing it 'My Way' in reference to Frank Sinatra's famous song.But this new so-called Sinatra doctrine risks creating a new wedge in transatlantic relations between Biden and his European allies when it comes to China.Unlike Biden, who agrees with <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> in seeing the rise of China as a threat to American interests, most European nations are committed to forging an apparently ever-closer relationship with Beijing.<h2>Europe sees China as the future</h2><div type="image" title="Merkel China" height="1749" width="3500" msid="80855070" hostid="261"></div>This shift towards China can be seen clearly in public attitudes among European citizens.A <a href="https://www.theguardian.com/world/2021/jan/19/majority-of-europeans-say-china-will-overtake-broken-us-within-decade">survey of 15,000 people</a> in 11 European countries last month indicated that a majority of Europeans believe America's political system is broken, that China will be the leading power in the world within 10 years, and that President Biden will be unable to halt US decline on the world stage after the Trump administration.So it is not surprising that last month German Chancellor Angela Merkel at the Davos World Economic Forum refused to take America's sides against China.She <a href="https://www.politico.eu/article/merkel-sides-with-xi-on-avoiding-cold-war-blocs/">said that she agreed</a> with Chinese President Xi Jinping who had spoken out the day before against a new Cold War with the West. "I would very much wish to avoid the building of blocs," she said, <a href="https://www.politico.eu/article/merkel-sides-with-xi-on-avoiding-cold-war-blocs/">according to Politico.</a>"I don't think it would do justice to many societies if we were to say this is the United States and over there is China and we are grouping around either the one or the other. This is not my understanding of how things ought to be."Showing impeccable Franco-German alignment, French President Macron also used an Atlantic Council event on February 4 to <a href="http://www.xinhuanet.com/english/europe/2021-02/06/c_139726499.htm">warn against</a> "a situation to join all together against China, arguing this would be "a scenario of the highest possible conflictuality (sic)."<h2>Europe refuses to condemn Chinese human rights abuses</h2><div type="image" title="macron china xi" height="1499" width="3000" msid="80855079" hostid="261"></div>A few weeks earlier, the European Union announced that the EU and China had concluded in principle the negotiations for a Comprehensive Agreement on Investment (CAI).This announcement came after seven years of negotiations and was possible thanks to the personal intervention of President Xi, who had made last-minute concessions to seal the deal before the end of the year. The CAI improves market access for European companies to the Chinese market in a number of areas. But it fails to redress substantially the imbalance between EU and Chinese market access: The EU market remains much more open to Chinese investment than vice versa.Nor will it address the Chinese treatment of labor rights, which were reportedly the last hurdle in the negotiation of the agreement.Forced labor is well documented in China, including in special camps in its western region of Xinjiang, and there are no independent trade unions. The European Commission highlighted that the deal commits China "to working towards the ratification of the outstanding ILO [International Labor Organization] fundamental Conventions."But it does not entail any deadline for the ratification of these Conventions. Shi Yinhong, an advisor to China's State Council, pointed out that China will never agree to change its rules on labor rights. In fact, this would be incompatible with China's party-state system of governance.Asked before the conclusion of negotiations how the EU could sign an investment agreement, Merkel <a href="https://www.bilaterals.org/?xinjiang-forced-labour-concerns">replied</a>: "We take these ILO standards very seriously and will make a good balance." But how can the EU really balance economic benefits with value losses? How much economic gain justifies implicitly condoning human rights abuses?<h2>The EU China deal is a major diplomatic victory for China</h2><div type="image" title="Xi Jinping" height="747" width="1495" msid="80855083" hostid="261"></div>On the other hand, the CAI is beneficial to China in three main respects. First, the deal preserves and encourages EU investment in China, to fuel China's economy and technological development. Second, it legitimizes the regime in the eyes of domestic and international public opinion (despite recent behavior in Hong Kong, Taiwan, Xinjiang and elsewhere).Finally, and perhaps most important of all, the CAI hinders policy coordination on China between the EU and the United States under the new Biden administration.Such coordination could result in a united front against China and would be more difficult to handle than dealing with each separately. However, as we heard from the German and French leaders, China can be reassured there will be no such common front.<h2>Biden wanted Europe to stand with the US against China</h2><div type="image" title="europe china" height="1063" width="2126" msid="80855088" hostid="261"></div>Before his inauguration, Biden had declared his desire to work more closely with US allies and partners in order to coordinate a stronger response to China. However, European partners chose not to take heed, preferring to clinch an immediate deal with China instead.Last October, under the Trump Administration, the EU and the US had agreed to hold a regular high-level dialogue on China. However, the dialogue has not yet taken place.Biden <a href="https://joebiden.com/americanleadership/">pledged during his election campaign</a> to organize during his first year in office a global Summit for Democracy, to "bring together the world's democracies to strengthen our democratic institutions, honestly confront the challenge of nations that are backsliding, and forge a common agenda to address threats to our common values", including "defending against authoritarianism".Given the experience of the CAI and the recent statements by the German and French leaders, it is clear that the US President cannot count on the Europeans to form an alliance against Chinese authoritarianism.It must now instead turn to other democracies in Asia or seek smaller coalitions of like-minded partners elsewhere.<ul><li>Theresa Fallon is the founder and director of the Centre for Russia Europe Asia Studies (CREAS) in Brussels</li></ul>

Biden cannot rely on America's European allies to stand up to China

<ul class="summary-list"><li>The West is still taking in billions worth of Russian oil products, a new think tank analysis shows.</li><li>Russia sold $1.3B of oil to Turkey in the first half of the year before it made its way to the West.</li></ul>Russia is still passing off billions of dollars worth of oil products to the West — a sign that the West is still struggling to throttle Moscow's war revenue with strict sanctions. Russia is still exporting its crude to Turkey, where refineries process the oil and later export crude products to the West, according to <a target="_blank" class="" href="https://energyandcleanair.org/publication/sanctions-hypocrisy-g7-imports-eur-1-8-bn-of-turkish-oil-products-made-from-russian-crude/">a new analysis</a> from the Centre for Research on Energy and Clean Air.CREA data shows that Russia sold $1.3 billion worth of oil to three Turkish refineries in the first half of the year. G7+ nations, meanwhile, purchased around $2 billion of oil products of Russian origin from Turkish refiners, the think tank estimated.Western countries have ramped up their purchases from those three Turkish refineries since Russia began its invasion of Ukraine, the researchers added. The US, for instance, increased imports from those refineries by 335% on a yearly basis in the first half of 2024."G7+ countries have displayed little desire or political will to address the refining loophole and stop it since the beginning of Russia's full-scale invasion of Ukraine. While the loophole goes unchecked, G7+ countries have actually increased their imports from non-sanctioning countries, taking advantage of the situation by simply switching their supplier from Russia to third countries that are essentially functioning as Russian middlemen merchants," the researchers said. It's not the first time Russia used its trading partners to <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russia-oil-fuel-new-york-india-trade-western-sanctions-economy-2023-2">pass off energy products to the West</a>. Indian refiners, for instance, funneled around 89,000 barrels of gasoline and diesel a day to New York, a 2023 Kpler analysis found.Asian buyers of Russian oil, though, have pulled back in recent months, with Russia's crude shipments to the continent dropping around 10% since the spring, according to Argus Media data cited by <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">Bloomberg</a>. Turkey is the last-remaining "<a target="_blank" class="" href="https://www.bnnbloomberg.ca/business/international/2024/09/10/oil-price-rout-drives-russian-revenues-to-seven-month-low/#:~:text=(Bloomberg)%20%2D%2D%20Plunging%20oil%20prices,from%20a%20weakening%20global%20market.">short-haul market</a>" for Russian oil sent from its western ports, taking in around 210,000 barrels of Russian crude a day the last month, the outlet reported.Still, Western sanctions have worked to crimp Moscow's war revenue. Trade restrictions, which include a $60 price cap and ban on Russian oil, dented Russia's crude profits by 14% in 2023, a previous CREA analysis found, which has also been aided by Russia's voluntary oil production cuts and <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">falling crude prices</a>.Russia's crude sales dropped to $1.4 billion at the start of September, the lowest level recorded since January, Bloomberg reported.

Russia is still passing $2 billion worth of its oil products to the West via middlemen, think tank says

<ul class="summary-list"><li>Russia's record revenue in 2023 was partly attributable to India's huge appetite for Russian crude.</li><li>India took in $37 billion of Russian oil last year, 13 times what it bought before the Ukraine war.</li></ul>Russia has never been this flush with cash — and it's partly thanks to India, which snapped up a monster amount of Russian crude last year.Russia's federal revenue soared to a record $320 billion in 2023 — an amount partly attributable to India's huge appetite for cheap Russian oil, according to a new report from the Centre for Research on Energy and Clean Air shared with <a href="https://www.cnn.com/2024/02/19/europe/russia-oil-india-shadow-fleet-cmd-intl/index.html" target="_blank" rel="noopener">CNN</a>. The nation bought $37 billion of crude from Russia last year, the report said, around 13 times what it purchased from Russia before the war in Ukraine.India has been a huge customer of Russian crude since Moscow began its invasion of Ukraine. After being slammed by Western trade restrictions, Moscow has doled out hefty discounts to its allies, like India and China, who have since gobbled up huge amounts of oil from the nation. The two countries have replaced most of Russia's Western customers, with Russia <a href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">diverting nearly all of its oil shipments</a> to China and India alone, a top official said last year. In particular, <a href="https://www.businessinsider.com/russia-economy-oil-trade-india-booming-red-sea-houthi-attacks-2024-1">Russia accounted for 35% of India's oil purchases in 2023</a>, according to an analysis from S&amp;P Global. India, one of the largest oil refiners in the world, is also known to process Russian crude before passing it off to Western nations, which banned Russian crude in late 2022. India likely exported around $1.3 billion of oil products of Russian origin to the US from December 2022 to the end of 2023, the CREA analysis found. Meanwhile, $9.1 billion of Russian oil products were indirectly purchased by nations who are enforcing sanctions on Russia — 44% more than the amount purchased the previous year, the think tank said. India, though, is facing mounting pressure to comply with Western trade restrictions — a possible reason Indian exports of Russian oil just <a href="https://www.reuters.com/markets/commodities/indias-oil-imports-russia-hit-12-month-low-jan-sanctions-bite-2024-02-01/" target="_blank" rel="noopener">slumped to their lowest level in a year</a> in January.There are also signs that the nation is turning away fully loaded tankers of Russian oil. A <a href="https://www.businessinsider.com/russian-oil-tanker-india-crude-price-cap-sanctions-west-trade-2023-11">sanctioned tanker</a> holding Russian crude was reported to drift off the coasts of India late last year as Indian officials considered whether to let the ship dock. <a href="https://markets.businessinsider.com/news/commodities/russia-oil-india-ships-moscow-us-sanctions-ukraine-war-revenue-2024-1#:~:text=Russian%20oil%20tankers%20are%20turning,been%20unable%20to%20accept%20payment.">Five other oil tankers</a> turned away from India after idling near its shores for about a month, Bloomberg reported.

Russia has never been richer after selling $37 billion in oil to India last year

<ul class="summary-list"><li>Russia's seaborne crude oil exports rose 30% in the week ending January 13, per Bloomberg.</li><li>Russia's oil revenues rose 4% on-week to $61 million for the week ending January 13.</li></ul>The European Union may have <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5">banned most Russian oil imports</a> but the energy giant has still been able to find buyers for its seaborne crude exports — shipments have now surged to their highest level since April 2022, according to <a href="https://www.bloomberg.com/news/articles/2023-01-16/russia-s-seaborne-crude-flows-surge-to-their-highest-since-april" target="_blank" rel="noopener">Bloomberg's</a> analysis based on vessel tracking data.Russia's week-on-week crude oil exports rose 30% to 3.8 million barrels a day in the week ending January 13, Bloomberg reported Monday.That's all thanks to robust demand from Asia, even as European shipments tapered off.While shipments to Europe made up just about 5% of total crude exports, and no exports destined for Northern Europe, China and India were major buyers of Russian crude.Of the total 2.82 million barrels a day which were headed to Asia in the week ending January 13, China and India snapped up 35% and 27% of the shipments, respectively. Another 20% of the total Asian shipments showed unknown destinations — but typically end up in China or India, according to Julian Lee, Bloomberg's oil strategist. <h2>Russia's energy revenues have been hit by sanctions, but it continues to have buyers</h2>The shipments helped boost Moscow's oil coffers, as revenues from Russia's crude oil export duty rose 4% on-week to $61 million in the week ending January 13, according to Bloomberg.However, energy revenues are still significantly lower than a high of $232 million in the week to April 29 last year, because the Kremlin has started charging a <a href="https://www.upstreamonline.com/production/russia-reduces-tax-to-support-oil-export-shipments/2-1-1374888" target="_blank" rel="noopener">lower tax rate</a> for oil shipments to support exports. <a href="https://markets.businessinsider.com/news/commodities/why-oil-prices-have-fallen-recession-russian-production-demand-outlook-2022-8">Other factors</a> are hammering Moscow's oil revenues, like a slump in oil prices due to recession fears, and an overall fall in demand which contrasts with robust Russia supply.Oil prices have also fallen since they reached a <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-russia-ukraine-volodymyr-zelensky-compromise-invasion-war-2022-3">14-year high</a> of nearly $140 barrel in March 2022 after Russia invaded Ukraine. International benchmark <a href="https://markets.businessinsider.com/news/commodities/oil-price" rel="noopener">Brent crude oil futures</a> are now around $85 a barrel.Even Russia's flagship Urals crude — which is priced against the price of Brent oil — has been trading at a <a href="https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1">large discount</a> to the international grade, particularly since price-sensitive <a href="https://markets.businessinsider.com/news/commodities/india-china-still-buying-russian-oil-but-demand-huge-discounts-2022-11">China and India</a> are the few willing buyers left.But others have called for stricter measures to further hamstring Russia's oil coffers, and by extension its war efforts in Ukraine. <a href="https://www.businessinsider.com/russia-fossil-fuel-revenue-eu-oil-ban-price-cap-crea-2023-1">Russia's oil revenues</a> have tanked from $1.1 billion a day to $687 million a day, thanks to the EU's embargo on most Russian oil imports and a <a href="https://ec.europa.eu/commission/presscorner/detail/en/QANDA_22_7469" rel=" nofollow">$60 a barrel price cap.</a> But more can be done to press the Kremlin into ending its war in Ukraine, the Helsinki-based Centre for Research on Energy and Clean Air, or CREA, said in a <a href="https://energyandcleanair.org/wp/wp-content/uploads/2023/01/CREA_EU-oil-ban-and-price-cap-are-costing-Russia-EUR160-mn-a-day-but-further-measures-can-multiply-the-impact.pdf" rel=" nofollow">January 10 report</a>.The CREA is recommending stepping up the pressure by further lowering the price cap on Russian crude oil to $25 to $35 a barrel — which would slash Russia's oil export revenue by a further €100 million, or about $108 million, a day."Further cuts to Kremlin's revenue will therefore materially weaken the country's ability to continue its assault and help bring the war to an end," CREA said in its report.

Russia's seaborne crude exports surge to an 8-month high, thanks to shipments to China and India

<ul class="summary-list"><li>Russia's kept its economy humming by skirting sanctions amid the Ukraine war.</li><li>They include moves like using the CNY and engaging a fleet of secretive ships for exports.</li></ul>Russia's economy appears to be holding up despite sweeping sanctions after it went to war with Ukraine in February 2022.The energy giant has managed to <a href="https://www.businessinsider.com/russia-buy-chinese-yuan-cny-replenish-foreign-reserves-ukraine-war-2023-5">maintain its energy revenues</a> with moves that skirt the tough Western sanctions — such as maintaining a fleet of <a href="https://markets.businessinsider.com/news/commodities/russia-oil-crude-trade-dark-tankers-price-cap-western-sanctions-2023-4">secretive tankers</a> that transport Russian oil globally.Energy exports aside, Russia has also found ways to counter the West's unprecedented sanctions, including an EU ban on its crude imports and restrictions to keep the country out of the dollar-based Swift payments system.More importantly, these moves undermine the efforts of the international community to force the Kremlin into ending the war in Ukraine.Here are five ways Russia has been able to get around the sanctions.<h2>1. 'Ghost trades' could be helping Russia get hold of goods for defense and intelligence services.</h2>Despite sanctions that restrict a swathe of European Union exports from reaching Russia, the country appears to have received at least $1 billion worth of such goods in "ghost trades," the <a href="https://www.ft.com/content/76fc91b2-3494-4022-83d0-9d6647b38e3d" target="_blank" rel="noopener">Financial Times reported on Wednesday.</a>Such exports include "dual use" goods — products that can be used for defense or intelligence services. They include aircraft components, optical equipment, and gas turbines per the FT.Just half of $2 billion worth of controlled goods intended for the ex-Soviet Union states of Kazakhstan, Kyrgyzstan, and Armenia reached these destinations, per the FT's analysis of publicly available data.The FT surmised the remaining goods may have entered Russia via the intermediary countries."Where else could it go?" asked Erki Kodar, Estonian minister for sanctions, told the FT. "Why would those countries suddenly need those goods at this time? Who needs those goods the most in the region? It's obviously Russia."<h2>2. A fleet of secretive oil tankers is transporting Russian energy.</h2><a href="https://www.businessinsider.com/oil-trade-tankers-sanctions-russia-iran-accident-risk-shadow-fleet-2023-5" target="_blank" rel="noopener">A fleet of aging oil tankers</a> that do not turn on their tracking signals is suspected of secretly transporting sanctioned Russian oil globally. The dark fleet keeps Russia's vital energy trade humming and is becoming a cause for worry because the aging ships are accident-prone. Consequently, insurance claims could be an issue — because their owners are often unknown, <a href="https://www.bloomberg.com/news/articles/2023-05-02/burning-oil-tanker-off-malaysian-rings-shadow-fleet-alarm-bells" target="_blank" rel="noopener">so authorities don't know who to chase for damages</a>. Russia has also <a href="https://www.businessinsider.com/russia-shadow-fleet-of-oil-tankers-putin-tries-bust-sanctions-2022-12" target="_blank" rel="noopener">put together a "shadow fleet"</a> of more than 100 oil tankers to skirt the sanctions, the <a href="https://www.ft.com/content/cdef936b-852e-43d8-ae55-33bcbbb82eb6" target="_blank" rel="noopener">FT reported in December.</a> <a href="https://markets.businessinsider.com/news/commodities/middle-eastern-asian-buyers-buy-aging-oil-tankers-russia-crude-2022-12">Reuters</a> also reported in December that new ship owners – predominantly from the Middle Eastern and Asia — have been snapping up aging oil tankers amid sky-high charter prices for tankers willing to transport Russian oil to <a href="https://markets.businessinsider.com/news/commodities/india-china-still-buying-russian-oil-but-demand-huge-discounts-2022-11?utm_medium=ingest&amp;utm_source=markets" rel="">India and China.</a><h2>3. Russia's using the Chinese yuan for trade amid the de-dollarization chatter.</h2>After certain <a href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2" target="_blank" rel="noopener">Russian banks were banned from SWIFT</a>, the dollar-dominated messaging service that lets banks communicate about cross-border transactions, the country turned to alternative countries, such as the yuan for trade that was previously transacted in the US dollar.<a href="https://www.businessinsider.com/dedollarization-countries-us-dollar-dominance-china-yuan-rmb-brics-currency-2023-5" target="_blank" rel="noopener">Russia is just one of the countries</a> taking steps to move away from its reliance on the greenback. Because Russia is an energy giant, some countries that are willing to trade with it are also jumping on the yuan bandwagon.<a href="https://markets.businessinsider.com/news/currencies/russian-economy-dependent-china-yuan-dollar-currency-putin-xi-sanctions-2023-4" target="_blank" rel="noopener">Russians bought</a> 41.9 billion rubles, or $538 million worth of the Chinese currency in March, triple the 11.6 billion rubles worth of the currency purchased in February, <a href="https://www.cbr.ru/Collection/Collection/File/43891/ORFR_2023-03.pdf" target="_blank" rel="noopener">Russia's central bank said on April 10.</a>The ruble-yuan trade accounted for 39% of total volumes on Russia's foreign exchange markets, outpacing the ruble-dollar's 34% share, the central bank added.<h2>4. Russia's turning to the gray market for imports after Western companies exited the country en masse.</h2>Many international <a href="https://www.businessinsider.com/list-all-the-companies-pulling-out-of-russia-ukraine-war-2022-3" rel="">companies pulled out of Russia</a> en masse over the invasion of Ukraine, leaving Russia with fewer options for imports.To deal with this situation, Russia <a href="https://www.reuters.com/business/retail-consumer/russia-approves-parallel-imports-after-top-brands-halt-sales-2022-03-30/" target="_blank" rel="nofollow noopener">legalized parallel imports</a> in May 2022 — three months after the Ukraine war started.The system allows retailers to ship products into the country without permission from the trademark owner. By August, such gray market sales reached nearly $6.5 billion, said Denis Manturov, the Russian trade and industry minister, according to an <a href="https://www.interfax.ru/business/856615" target="_blank" rel="nofollow noopener">Interfax</a> report. It also means people in Russia were able to get their hands on the latest <a href="https://www.businessinsider.com/apple-exited-russia-iphone-14-preorders-2022-9" target="_blank" rel="noopener">Apple iPhone</a>.In March 2023, Russia's industry ministry expanded the list of brands that the country can import without permission from the trademark owner, per <a href="https://www.reuters.com/business/retail-consumer/russia-adding-ikea-lancome-other-luxury-goods-parallel-import-list-2023-03-13/" target="_blank" rel="noopener">Reuters.</a>US toy makers Hasbro and Mattel, Swedish furniture giant Ikea, and luxury labels such as Giorgio Armani and Yves Saint Laurent are included in the expanded list.<h2>5. Russian oil is still getting into Western countries, thanks to intermediaries.</h2>Even though sanctions from the West and its allies have placed tough restrictions — including an EU ban on seaborne crude and a <a href="https://www.reuters.com/business/energy/holdout-poland-approves-eus-60-russian-oil-price-cap-with-adjustment-mechanism-2022-12-02/" target="_blank" rel="noopener">$60 per barrel price cap</a>— on Russian oil, the fuel is still making its way to these countries.<a href="https://markets.businessinsider.com/news/commodities/russian-oil-laundered-china-india-moscow-sanctions-europe-west-ukraine-2023-4">Western nations that banned Russian oil have collectively imported</a> nearly $46 billion worth of Russian oil products, according to <a href="https://energyandcleanair.org/wp/wp-content/uploads/2023/04/CREA_The-Laundromat_How-the-price-cap-coalition-whitewashes-Russian-oil-in-third-countries.pdf" target="_blank" rel="noopener nofollow">a study by the Centre for Research on Energy and Clean Air</a>, or CREA, published in April.That's because these countries have purchased refined energy products from other nations — including China, India, and the UAE — that have bought much more oil from Russia, per the study."This is currently a legal way of exporting oil products to countries that are imposing sanctions on Russia as the product origin has been changed," CREA researchers wrote in the report. "This process provides funds to Putin's war chest." The Kremlin did not immediately respond to Insider's request for comment.

5 ways Russia's been sidestepping Western sanctions and keeping its economy alive, from switching to the Chinese yuan and dabbling in ghost trades

<ul class="summary-list"><li>Germany, Italy, and France are among European countries that have been snapping up cheap Russian fuel. </li><li>Their purchases made up almost half of the to $97 billion in revenue <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> got from fuel exports. </li></ul>Six European buyers accounted for almost half of the revenues Russia banked from its fossil fuel exports in the first 100 days of the war in <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, even as the European Union was outlining a plan to ban imports from the country, according to recent analysis by a Finnish thinktank.France, Germany, Netherlands, Italy, Poland, and Belgium were the top European buyers of Russian fossil fuel exports, including coal, crude <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword>, natural gas and oil products on the spot market between March and May, according to <a href="https://energyandcleanair.org/publication/russian-fossil-exports-first-100-days">according to the Centre for Research on Energy and Clean Air (CREA)</a>The spot market is where traders buy and sell physical cargoes of oil, for example, for immediate delivery, as opposed to the futures market, where they seal a price for delivery at some point further ahead. "These purchases take place outside of pre-existing contracts, therefore always representing an active purchase decision," CREA wrote in its analysis. European commodity traders have actively shunned Russian cargoes of crude oil and refined products, while most natural gas imports arrive via pipeline and are more difficult to avoid.In total, those countries shelled out a combined total of $40 billion of the roughly $97 billion Russia pocketed for its fossil fuel exports in that time, CREA said.<h2>Record discounts </h2><keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> is cheaper than other grades right now, as Western sanctions and traders avoiding those exports have cut the value of its flagship Urals crude. A barrel of Urals crude currently trades at a record $30 discount to the global <a href="https://www.investing.com/commodities/crude-oil-urals-spot-futures">Brent crude</a> benchmark, which stood at about $120 a barrel on Friday, near its highest in a decade. To that end, sales of cheap Russian oil and gas are expected to hit $285 billion in 2022 — a 20% increase from its profits from oil and gas in 2021, according to <a href="https://www.bloomberg.com/news/features/2022-06-01/has-sanctioning-russia-worked-oil-gas-sales-put-285b-in-putin-s-pocket">Bloomberg Economics</a>. It's down to Chinese and Indian purchases of Russian oil, which now account for half of Russia's seaborne oil exports.And while demand from China has remained consistent, India has ramped up its buying, to the tune of <a href="https://markets.businessinsider.com/news/commodities/india-russian-oil-purchases-us-criticism-energy-sanctions-trade-ukraine-2022-6">around 800,000 barrels a day</a>, compared to next to nothing as recently as January. In response, Russian oil production, which many expected to decline in line with demand, has jumped 5% so far in June in response. Average daily oil production, including condensate, reached 1.46 million tonnes through the first 13 days of June, up 68,000 from May, <a href="https://financialpost.com/pmn/business-pmn/russian-oil-output-up-5-in-first-half-of-june-ifax">according to Reuters, which cited data from Interfax</a>. Meanwhile, European countries continued to buy Russian fuel even after EU leaders reached an agreement to cut around 90% of oil imports from Russia by 2022. But it has no plans as yet to stop imports of natural gas.The EU has typically relied on Russia for about a third of its oil needs and as much as 40% of its natural gas.CREA's report showed Germany was the second-largest importer of Russian fuel after China, buying $12.6 billion's worth, while other major EU importers were the Netherlands, Italy, France, Belgium and Poland. Those six paid a combined $40 billion for a combination of coal, natural gas, crude oil and refined products from February 24, when Russia invaded Ukraine, to early June.Against this backdrop, it points to show the EU's continued reliance on Russian fuel despite efforts to reduce its independence on its energy resources. That was only reinforced by Russian President Vladimir Putin who said that the West won't be able to <a href="https://www.businessinsider.com/putin-says-few-years-before-west-cuts-russia-oil-gas-2022-6">cut off Russian energy resources</a> over the next couple of years.

These 6 European countries paid Russia $40 billion for fuel in the three months of the war, despite impending bans and sanctions on imports

<ul class="summary-list"><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> is shipping half of its seaborne crude oil to <keyword id="11902482" type="UNKNOWN" weightage="60" keywordseo="asia" source="Orion">Asia</keyword> — mainly <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>, per Bloomberg.</li><li>In May, Russia overtook Saudi Arabia to become India's second-largest supplier of oil.</li></ul>Half of the Russian oil transported by ship is now heading for Asia — mainly to China and India, according to a <a href="https://www.bloomberg.com/news/articles/2022-06-13/russia-s-crude-flows-to-asia-take-hold-near-unprecedented-levels">Bloomberg</a> analysis published on Monday.Russia shipped 3.55 million barrels of oil a day in the week ending June 10. About 50% of those shipments, or 1.878 million barrels of oil, was heading to Asia, Bloomberg reported, citing commercial vessel tracking data. That's up from under 40% of the exports in the weeks leading up to Russia's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> on February 24.While China's imports from Russia have remained constant, India's buying has ramped up significantly, according to the Centre for Research on <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">Energy</keyword> and Clean Air (CREA), an independent research organization. In the first 100 days after Russia invaded Ukraine, India's purchases of Russian crude rose from 1% to 18% of the exports by value, the CREA wrote in a <a href="https://energyandcleanair.org/wp/wp-content/uploads/2022/06/Financing-Putins-war-100-days_20220613.pdf">report</a> published on Monday.In May, Russia became India's second-largest supplier of oil behind Iraq, overtaking Saudi Arabia, <a href="https://www.reuters.com/world/india/russia-becomes-indias-second-biggest-oil-exporter-trade-sources-2022-06-13/">Reuters</a> reported, citing trade sources. Indian refiners imported about 819,000 barrels of Russian oil each day in May — a record amount, and about three times more than the 227,000 barrels a day it received in April, according to Reuters.Russian crude oil is priced at a record discount to other grades on the spot market due to sanctions and boycotts, but energy prices have surged this year, propping up sales for the country. Sales of Russian oil and gas are expected to rise to $285 billion in 2022 — 20% higher than the country's $235.6 billion takings from oil and gas in 2021, according to a <a href="https://www.bloomberg.com/news/features/2022-06-01/has-sanctioning-russia-worked-oil-gas-sales-put-285b-in-putin-s-pocket">Bloomberg Economics</a> report earlier this month.<h2>Drawing international scrutiny</h2>Chinese and Indian purchases of Russian oil amid the war have drawn scrutiny from the international community and stand in contrast to sanctions and boycotts from a number of Western countries. The US <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">banned Russian energy imports</a> in March, and the <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5">European Union has agreed</a> to slash 90% of its Russian oil imports by the end of this year. <a href="https://markets.businessinsider.com/news/commodities/india-russian-oil-purchases-us-criticism-energy-sanctions-trade-ukraine-2022-6">Amos Hochstein,</a> the US special envoy for energy affairs, told senators on Thursday that he had urged India to refrain from buying too much Russian oil.Neither India nor China has condemned Russia's invasion of Ukraine.<a href="https://www.reuters.com/world/china/china-says-not-deliberately-circumventing-sanctions-russia-2022-04-02/">Beijing</a> has <a href="https://www.businessinsider.com/china-accuses-united-states-of-creating-panic-sanctions-against-russia-2022-2?utm_medium=ingest&amp;utm_source=markets">criticized sanctions against Russia.</a> India, meanwhile, has hit back at criticism that it's funding the war in Ukraine through its oil purchases. In May, the <a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1822665">Indian petroleum and natural gas ministry said</a> Russian energy accounts for a "minuscule" proportion of its consumption and that a sudden stop to crude shipments would jack up global oil prices and hurt consumers.In April, former White House press secretary <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/04/11/press-briefing-by-press-secretary-jen-psaki-april-11-2022-2/">Jen Psaki said</a> India isn't violating sanctions by buying Russian oil. In May, White House officials said China isn't violating sanctions by buying Russian oil either, <a href="https://www.reuters.com/markets/commodities/chinese-efforts-replenish-reserves-with-russian-oil-would-not-violate-us-2022-05-19/">Reuters</a> reported.

China and India now account for about 50% of Russia's seaborne oil exports, as Asian demand props up Moscow's energy revenues

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> saved USD 4.2 billion in fuel costs through solar generation in the first half of 2022 and 19.4 million tonnes of coal which would have further stressed an already strained domestic supply, according to a new report released on Thursday. The report by energy think tank Ember, the Centre for Research on Energy and Clean Air and the Institute for Energy Economics and Financial Analysis also analysed the growth of solar power over the last decade and found that five of the top 10 economies with solar capacity are now within <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword>, including India, China, Japan, <keyword id="5565" type="General" weightage="50" keywordseo="south-korea" source="Orion">South Korea</keyword> and Vietnam. The contribution of solar generation in seven key Asian countries -- India, China, Japan, South Korea, Vietnam, the Philippines and Thailand -- avoided potential fossil fuel costs of around USD 34 billion from January to June 2022, the report said. This is equivalent to 9 per cent of total fossil fuel costs during this period, it added. "In India, solar generation avoided USD 4.2 billion in fuel costs in the first half of the year. It also avoided the need for 19.4 million tonnes of coal that would have further stressed an already strained domestic supply," the report stated. The report finds that the majority of the estimated USD 34 billion savings are in China, where solar met 5 per cent of the total electricity demand and avoided around USD 21 billion in additional coal and gas imports during the period. Japan saw the second-highest impact, with USD 5.6 billion in avoided fuel costs thanks to solar power generation alone. Vietnam's solar power avoided USD 1.7 billion in additional fossil fuel costs, a sizable growth from nearly zero terawatt hours of solar generation in 2018. In 2022, solar accounted for 11 per cent (14 TWh) of the electricity demand from January to June. The report said that in Thailand and the Philippines, where the growth in solar has been slower, the avoided fuel cost is still notable. While solar only accounted for 2 per cent of Thailand's electricity in the first six months of 2022, an estimated USD 209 million of potential fossil fuel costs were avoided, it added. The Philippines avoided USD 78 million in fossil fuel spending, despite solar accounting for only 1 per cent of generation. In South Korea, solar power generated 5 per cent of the country's electricity in the first half of the year, avoiding potential fossil fuel use costing USD 1.5 billion, as per the report. CREA's <keyword id="53564" type="General" weightage="50" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> Analyst <keyword id="15477249" type="General" weightage="50" keywordseo="isabella-suarez" source="Orion">Isabella Suarez</keyword> said Asian countries need to tap into their massive solar potential to rapidly transition away from costly and highly-polluting fossil fuels. The potential savings from existing solar alone are enormous, and expediting their deployment alongside other clean energy sources such as wind, will be crucial for energy security in the region. While ambitious targets are important, follow through will be the key thing to watch moving forward, she said. Vibhuti Garg, Director of South Asia at the Institute for Energy Economics and Financial Analysis said reliance on imports of coal and gas in the last few months has proven to be expensive and unreliable. "Transition to renewable energy such as solar can help reduce the overall system costs and also reduce the burden to consumers by lowering tariffs. For energy security and economic reasons, it makes sense for India and the rest of Asia to redirect investments towards building the renewable energy ecosystem," she said. Aditya Lolla, the Senior Electricity Policy Analyst at EMBER, said India's solar power push in recent years has not only improved its energy security but also positioned its power sector well to embark on a solar revolution. "India seems to be very bullish on solar power growth in the next 10 years too, as evident from the new draft National Electricity Plan. So, it's looking very likely that the 2020s is when solar power is going to finally ramp up in India and begin India's coal phasedown journey," he said. 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