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<ul class="summary-list"><li>Trump's presidency may pressure Russia's oil and gas industry.</li><li>The EU is thinking about replacing Russian LNG with US shipments, potentially affecting trade dynamics.</li></ul>Russia's lucrative oil and gas industry could come under greater pressure when US President-elect Donald Trump takes office.Domestically, Trump is championing the US oil and gas industry and encouraging production — which is likely to underscore America's position as an oil and gas giant.Meanwhile, the European Union said it could consider buying more US liquefied natural gas in a deal with Trump that would address a trade deficit. The EU doesn't have to burn bridges to negotiate with Trump, because the bloc still imports LNG from Russia."We still get a lot of LNG from Russia, and why not replace it with American LNG, which is cheaper for us and brings down our energy prices," European Commission President Ursula von der Leyen told reporters on Friday."It's something where we can get into a discussion," she said, referring to US's trade deficit with the eurozone, which reached <a target="_blank" class="" href="https://ustr.gov/countries-regions/europe-middle-east/europe/european-union">$131.3 billion in 2022.</a>To be sure, it's ultimately up to EU importers to decide where to import energy supplies based on market conditions.However, at least one EU country — <a target="_blank" class="" href="https://www.ft.com/content/d23591fc-0463-4346-865c-0e851a256ed2">Belgium</a> — is calling on the bloc to ban Russian LNG imports to further squeeze Moscow's war chest.The EU — which previously relied on Russian energy — banned seaborne Russian crude imports and refined petroleum products following the full-scale invasion of Ukraine in February 2022.The EU has also cut most of its piped natural gas imports from Russia, replacing much of it with LNG from the US — which is now a top exporter of the fuel to Europe, accounting for <a target="_blank" class="" href="https://energy.ec.europa.eu/topics/carbon-management-and-fossil-fuels/liquefied-natural-gas_en">46% of the bloc's supply in 2023.</a>Russia accounts for 8% of the EU's LNG imports. Other major LNG exporters to the EU include Qatar and Algeria."It would be in the interest of the US that Europe continues to shun Russian fossil fuels, given the US oil and gas industry has been one of the key beneficiaries of this move," wrote Warren Patterson, the head of commodities strategy at <a target="_blank" class="" href="https://think.ing.com/articles/what-a-trump-presidency-means-for-oil-and-gas-markets/">ING,</a> on Friday.<h2 id="e98e057f-427c-49fe-80b4-6b3536753369">'Drill, baby, drill'</h2>Trump's victory could shake up the highly politicized energy industry as he has made it clear that he supports oil production."I make this pledge to the great people of America: I will end the devastating inflation crisis immediately, bring down interest rates, and lower the cost of energy," Trump said in his Republican National Convention speech in July."We will drill, baby, drill," Trump said.While Trump's pledges to loosen energy regulations in the US are seen as a boost to the industry, it could increase oil supplies — a negative for prices.For consumers, lower energy prices translate to lower pump prices and electricity bills.However, it would also pressure energy company profits and, in turn, discourage more production — which is at record levels in the US.But there could also be other moving parts in Trump's second term, including potential sanctions on oil supplies from Iran, Venezuela, and Russia — all of which could tighten global supplies and support prices.Even before Trump's second election, there are so many uncertainties surrounding the geopolitical economy of energy that <a target="_blank" class="" href="https://www.businessinsider.com/major-oil-producers-saudi-arabia-russia-diversify-economies-opec-shale-2024-10">Saudi Arabia and Russia,</a> two of the largest oil producers, are trying to diversify their economies.In the meantime, the broad energy market is taking a wait-and-see stance."Initial market reactions have been muted to Trump's election victory, but in the medium term, he is expected to reinforce the US' role as a leading oil and LNG exporter," wrote Kaushal Ramesh, the head of gas and LNG analytics at Rystad Energy research firm on Monday.

Russia's lucrative oil and oil industry is an easy target for Europe after Trump's election victory

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19900989" type="General" weightage="20" keywordseo="trade" source="keywords">trade</keyword> with <keyword id="20078631" type="General" weightage="20" keywordseo="Kuwait" source="keywords">Kuwait</keyword> has surged remarkably, with Indian <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> to the <keyword id="20005175" type="General" weightage="20" keywordseo="Gulf-nation" source="keywords">Gulf nation</keyword> reaching an impressive USDS 2.10 billion in the fiscal year 2023-24, as per the official data by Ministry of Commerce and Industry. The surge in trade marks a significant increase of 34.78 per cent in FY-2023-24 compared to the USD 1.56 billion reported in the previous fiscal year. This surge in exports also highlighted the robust trade relationship between the two countries, reflecting a substantial year-on-year <keyword id="19910261" type="General" weightage="20" keywordseo="growth" source="keywords">growth</keyword>. As per the data the key sectors driving this export growth include aircraft and spacecraft parts, cereals, and a diverse range of precious and semi-precious stones. Additionally, the export of imitation jewelry, coins, vehicles (excluding railway or tramway rolling stock), and pharmaceutical products have contributed to this impressive performance. Kuwait's economy, predominantly driven by its vast <keyword id="23075524" type="General" weightage="20" keywordseo="petroleum-resources" source="keywords">petroleum resources</keyword>, has maintained its position as a significant trading partner for India. The country boasts estimated <keyword id="19942492" type="General" weightage="20" keywordseo="crude-oil" source="keywords">crude oil</keyword> reserves of 101.5 billion barrels, accounting for approximately 6 per cent of the world's total reserves, and proven natural gas reserves of 1,784 billion cubic meters, or about 63 trillion cubic feet, according to the latest OPEC data. The country also stands as the fourth-largest economy among the GCC (Gulf Cooperation Council) countries, trailing only the UAE, Saudi Arabia, and Qatar. This competitive and open market presents substantial opportunities for Indian exports, particularly in the consumer goods and project sectors. As per the official statement, historically, trade has been a cornerstone of India-Kuwait relations. India has consistently ranked among Kuwait's top trading partners. For the fiscal year 2023-24, the total bilateral trade between India and Kuwait reached USD 10.479 billion. Of this, Indian exports constituted USD 2.10 billion, reflecting a notable increase of 34.7 per cent year-over-year. Furthermore, Kuwait continues to play an important role in meeting India's <keyword id="21242736" type="General" weightage="20" keywordseo="energy-requirements" source="keywords">energy requirements</keyword>. During the fiscal year 2023-24, Kuwait was the sixth-largest crude oil supplier to India, fulfilling approximately 3 per cent of the country's total energy needs. (ANI)

India's exports to Kuwait surged by 34.78% Y-o-Y to USD 2.1 bn

<ul class="summary-list"><li>Both presidential campaigns have discussed ideas for cutting housing costs.</li><li>JD Vance says a Trump administration would build more homes in part by lowering energy costs.</li></ul>As rising home prices and rents squeeze households across the country, the presidential candidates are weighing in on the <a target="_blank" class="" href="https://zillow.mediaroom.com/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows">housing shortage</a>.Former President Donald Trump doesn't list housing among the <a target="_blank" class="" href="https://www.donaldjtrump.com/platform">top 20 priorities</a> on his campaign website, but he and his running mate have argued that some of their top agenda items — including deporting millions of immigrants — would bring down housing costs.In that spirit, Sen. JD Vance recently promised that a future Trump administration would build millions of homes in part by making energy cheaper. "We're going to drill, baby, drill, lower energy costs, and that's going to make it easier to build homes," <a target="_blank" class="" href="https://www.youtube.com/watch?v=9pPCCh_t4h8">he said</a> during an October campaign stop in Nevada.Housing policy experts and economists disagree, saying lower energy costs would not significantly boost construction or make homes cheaper.The cost of new housing is largely determined by the availability of workers, the prices of building materials, and government regulations that limit construction. Other policies Trump has promised to enact — including hiking tariffs on a slew of foreign imports and deporting millions of immigrants — are expected to inflate housing costs by increasing the cost of key materials and worsening the labor shortage.A spokesperson for Vance didn't immediately respond to a request for comment.<h2 id="1a82d7c2-a275-42fb-a86a-4ae9f17818b1">Building materials and tariffs outweigh cheaper oil</h2>Economists say that lower electricity costs and diesel fuel prices would make certain goods and services needed to build housing somewhat cheaper. But they wouldn't dent the most significant input costs related to building, which are labor and building materials."I'm not saying it's immaterial," Anirban Basu, chief economist at the construction industry trade group Associated Builders and Contractors, told Business Insider. "Energy prices are significant, but they're not as significant as many other inputs."The prices of key building materials, including lumber and structural steel, are much more consequential. "When softwood lumber prices took off during the pandemic, it really impacted apartment construction and single-family home building," Basu said.Notably, under the Biden administration, the US has produced and exported <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">more crude oil than ever before</a> in the country's history, even as housing costs have soared.Tariffs imposed by both the Trump and Biden administrations on goods like Canadian lumber aren't helping, Andrew Justus, a housing policy analyst at the Niskanen Center, a nonpartisan think tank, told Business Insider. And Trump has promised to <a target="_blank" class="" href="https://www.businessinsider.com/category/trump-tariffs">dramatically hike tariffs</a> if he's elected."When you think about what is specifically within the government's purview, as far as bringing down costs for building homes, one of the easiest things they could do is reduce the extra tax that they levy on the most basic of building materials," Justus said.<h2 id="49b4842e-9770-4c1e-a378-22cc2018c301">Labor costs and cutting red tape are also key</h2>Labor costs are generally growing as a portion of overall construction costs, Basu said. This is largely a result of a <a target="_blank" class="" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">national construction worker shortage</a>, particularly among skilled workers, and lagging productivity in the industry. While labor productivity has improved in most sectors of the economy over the last half-century, US construction productivity <a target="_blank" class="" href="https://www.economist.com/business/2017/08/19/efficiency-eludes-the-construction-industry">has declined</a>."If you look at a typical construction job site, it does not look that different from what it might've looked like five or six decades ago," Basu said.Vance has <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-said-migrants-to-blame-for-expensive-homes-wrong-2024-8">also said</a> that Trump's plan to deport millions of immigrants would lower demand for housing and, thereby, slow rising home prices and rents. But economists say immigration isn't a major reason for higher housing costs, and because such a large portion of construction workers are immigrants, <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">mass deportations would slow home construction and push prices up.</a>"We just don't have the supply of construction labor that we need, and any sort of dramatic reduction in our labor would just make that even worse," Nolan Gray, a city planner and research director for California YIMBY, told Business Insider.But the biggest obstacle to improving housing affordability is local and state regulation. Land-use laws that block denser forms of housing like duplexes or apartment buildings in favor of detached single-family homes make it harder to build cheaper housing."A lot of these suboptimal outcomes come from very poor zoning decisions which tend to favor downzoning of properties, as opposed to embracing density," Basu said.The Trump campaign has said it will cut regulations that stymie building, with Vance saying they'll "stop the ridiculous regulations that make it harder for our construction companies and our workers to build homes" at the Nevada campaign stop.But the campaign hasn't released detailed plans — and when Trump was president, he <a target="_blank" class="" href="https://www.nytimes.com/2020/07/29/us/politics/trump-suburbs-housing-white-voters.html">pushed to protect single-family zoning</a>, which keeps housing more expensive. And while Vice President Kamala Harris has <a target="_blank" class="" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">put forward plans</a> to incentivize deregulation as part of her more explicit housing agenda, most land-use and building regulations are controlled by state and local governments.

JD Vance says pumping more oil will make housing cheaper. Economists say that's a stretch.

<ul class="summary-list"><li>Dr. <keyword id="22853757" type="General" weightage="20" keywordseo="Michael-Roizen" source="keywords">Michael Roizen</keyword> is an expert in <keyword id="20186177" type="General" weightage="20" keywordseo="longevity" source="keywords">longevity</keyword> and uses scientific research to shape his lifestyle.</li><li>He shared the <keyword id="19904593" type="General" weightage="20" keywordseo="foods" source="keywords">foods</keyword> he has added to his diet that are linked to a longer lifespan.</li></ul>A doctor who claims to have <a target="_blank" class="" href="https://www.businessinsider.com/doctor-longevity-expert-reverse-biological-age-years-diet-principle-s2024-7">reversed his age by 20 years</a> shared the foods he eats weekly in a bid to boost his longevity. Dr. <a target="_blank" class="" href="https://www.businessinsider.com/busy-doctor-reversed-age-20-years-workout-routine-2024-7">Michael Roizen</a>, the chief wellness officer at Cleveland Clinic who has written books on longevity, is 78 years old but told Business Insider he has a "<a target="_blank" class="" href="https://www.businessinsider.com/what-is-the-maximum-age-of-humans-115-or-older-2023-3">biological age</a>" of 57.6. (It's important to note that there's no consensus on what constitutes biological age and how to measure it). He said that while <a target="_blank" class="" href="https://www.businessinsider.com/longevity-lifestyle-changes-live-longer-healthy-habits-genes-study-2024-5">genes play a part in life expectancy</a>, "the most important thing people have got to understand is that they get to control how long and how well they live." "You control your genes," he said, referring to <a target="_blank" class="" href="https://www.businessinsider.com/health-effects-of-epigenetics-2013-6">epigenetics</a>, or how lifestyle factors can influences if genes turn or or off. "Your choices matter," he added. For example, a 2023 study published in the journal Nature found that those who switched to a healthy, <a target="_blank" href="https://www.businessinsider.com/longevity-diet-food-list-cheap-easy-2023-11">longevity-associated diet</a> in the long term were more likely to live over a decade longer. The researchers said this was likely because the participants ate more whole grains, nuts, and fruit, and <a target="_blank" class="" href="https://www.businessinsider.com/what-you-can-do-to-live-longer-healthier-2023-9">cut down on sugary drinks and processed meats</a>. Roizen said that even the smallest additions to a person's diets can have a positive effect on their health. He shared the seven foods he eats each week. <h2><keyword id="20155915" type="General" weightage="20" keywordseo="olive-oil" source="keywords">Olive oil</keyword></h2>Roizen said he has a tablespoon of olive oil every day. A 2022 study published in the Journal of the American College of Cardiology found that people who consumed more than half a tablespoon of olive oil a day had a 19% lower risk of dying from <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/conditions-symptoms/what-is-heart-disease">cardiovascular disease</a>, a 17% lower risk of dying from cancer, and a 29% lower risk of dying from a neurodegenerative disease. Plus, replacing margarine, butter, mayonnaise, and dairy fats with olive oil appeared to lower the risk of dying by up to 34%. The authors suggested that this could be because of the anti-inflammatory and <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/diet-nutrition/olive-oil-benefits">antioxidant properties of olive oil</a>, or because people who consumed more olive oil also tended to be more active, less likely to smoke, and ate more fruits and vegetables. <h2><keyword id="21217173" type="General" weightage="20" keywordseo="salmon" source="keywords">Salmon</keyword> and trout</h2> <div type="image" title="Two cooked fillets of salmon on a plate with salad in the background." height="1061" width="1414" msid="112502318" hostid="261"></div>Eating fish once or twice a week was linked to a lower risk of dying from any cause in one 2022 study published in the European Journal of Nutrition. A separate 2018 study by researchers at China's Zhejiang University School of Medicine and the US-based National Cancer Institute had similar results. Participants who ate at least 227 grams of fish a week, per the 2015-2020 Dietary Guidelines for Americans, had a 10% lower risk of dying from cardiovascular disease, cancer, and Alzheimer's disease. The current US dietary guidelines recommend people eat fish like salmon and trout because they are high in vitamin D, <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/diet-nutrition/omega-3-benefits">omega-3 fatty acids</a> — which are important for heart health, providing energy, and building cells — and low in methyl mercury, a toxic heavy metal found in fish. <h2><keyword id="20510404" type="General" weightage="20" keywordseo="dark-chocolate" source="keywords">Dark chocolate</keyword></h2>With dark chocolate, it's not hard to eat "a little bit every day," as Roizen recommended. <a target="_blank" href="https://www.businessinsider.com/guides/health/diet-nutrition/dark-chocolate-benefits">Dark chocolate</a> has been linked to lower blood pressure, lower cholesterol, and a reduced risk of heart disease, BI previously reported. Dr. Florence Comite, an endocrinologist and precision medicine specialist, previously told BI that she counts her daily square of <a target="_blank" href="https://www.businessinsider.com/longevity-supplements-live-longer-precision-medicine-doctor-2024-3">dark chocolate as a supplement</a> because of antioxidants it contains. <h2>Mushrooms</h2>Like Comite with dark chocolate, Roizen sees <a target="_blank" href="http://link">mushrooms as a supplement</a>, which he eats at least five times a week. <div type="image" title="Mushroom and onion sandwich on a board." height="1131" width="1508" msid="112502324" hostid="261"></div>"One of my favorite lunches is the MLT," he said. "Instead of a BLT (bacon, lettuce, and tomato), you have a mushroom lettuce and tomato, which is absolutely healthy and tastes magnificent." Mushrooms contain ergothioneine, which researchers from Penn State University dubbed a "longevity vitamin" because of its antioxidant and anti-inflammatory effects. A 2020 <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7229907/">study</a> by researchers from Lund University, Sweden, linked ergothioneine to a lower risk for coronary artery disease and cardiometabolic disease for the same reasons. <h2>Avocados</h2>A 2022 study published in the Journal of the American Heart Association found associations between eating two servings of avocado a week and a lower risk of coronary heart disease and cardiovascular disease. <div type="image" title="Half an avocado with a spoon in it, mid-scoop." height="1264" width="1685" msid="112502319" hostid="261"></div>Cardiovascular disease is the No. 1 cause of death and disability worldwide, according to the Centers for Disease Control and Prevention. <h2>Cauliflower</h2>Roizen makes a "cauliflower creamer" by blending the vegetable with olive oil and using it as a spread. Researchers wrote in a 2021 review of studies published in Frontiers in Pharmacology that cruciferous vegetables, including cauliflower, have been linked to lower cancer risk and the prevention and treatment of other chronic diseases, such as cardiometabolic disorders, Alzheimer's disease, depression, and musculoskeletal disorders. Correction: August 15, 2024 — An earlier version of this story misstated the year a study was published. The study on avocados in the Journal of the American Heart Association was published in 2022, not 2023.

A doctor who says he's reversed his age by 20 years eats these 7 foods every week to boost his longevity

<ul class="summary-list"><li>Israel launched a ground offensive against Hezbollah targets in southern Lebanon on Tuesday.</li><li>Despite the Middle East's significant oil production, crude prices were little changed.</li></ul>Israel launched a <a target="_blank" class="" href="https://www.businessinsider.com/israel-launches-ground-offensive-into-lebanon-destroy-hezbollah-targets-2024-9">ground offensive</a> against Hezbollah targets in southern Lebanon on Tuesday in a marked escalation of tensions in the Middle East — and the energy markets largely shrugged.The indifference is significant because the Middle East is a huge producer of crude oil — pumping one-third of the world's supply — so any geopolitical tension in the region could spark some sort of meaningful price gain.This time, oil prices simply nudged up a little.Global benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude oil</a> futures were up 0.17% to $71.82 per barrel at 2.14 a.m. ET. Benchmark US <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wt">West Texas Intermediate</a> futures were 0.19% higher, at $68.32 per barrel.Notably, the gains followed a 17% decline in Brent and a 16% drop in US WTI futures over the third quarter of the year, when traders were on edge for upside price action amid the developments in the Middle East.The reason isn't rocket science. It's mostly China — the world's largest importer of crude oil."The main cause for the bearish sentiment has been a steady slowing of crude demand growth, especially in China," wrote Henning Gloystein, the practice head of energy, climate, and resources at the Eurasia Group, last month.The world's second-largest economy has been struggling to stage a convincing recovery post-pandemic and is battling multiple challenges, including a property crisis, high youth unemployment, and deflation.Beijing pulled out an <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">economic stimulus package</a> last week that massively boosted sentiment in China's previously downbeat stock markets, but most analysts are saying the measures are just not enough to turn the situation around on the ground.Even Chinese leader Xi Jinping <a target="_blank" class="" href="https://www.businessinsider.com/xi-jinping-painful-road-ahead-rainy-days-new-stimulus-china-2024-10">acknowledged</a> the extent of China's problems in the country's National Day speech on Monday, saying the path forward wouldn't be smooth.BMI, a research firm, wrote last week that short positions in Brent outnumbered longs for the first time earlier in September."Sentiment in the market is already weak, with a bearish macro narrative weighing heavily to the downside, and investors are currently far more responsive to bearish price drivers than to bullish ones," wrote BMI's analysts.The sentiment over China has been so poor that <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-prices-brent-crude-outlook-opec-production-cuts-2024-9">Saudi Arabia</a> has pretty much thrown in the towel on pushing oil higher.The kingdom — which is the world's largest crude exporter and OPEC's de facto leader — is giving up its $100 per barrel price target and ready to increase oil output, the <a target="_blank" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a> reported last week.This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output.This would be a big shift in policy, since Saudi Arabia has been leading OPEC and the group's allies, including Russia, in maintaining oil supply cuts since late 2022.Despite the downside pressure on oil prices, things could change quickly if geopolitical uncertainty rises further in the Middle East.The US may also provide some support to the market as crude oil inventories hit a <a target="_blank" class="" href="https://www.reuters.com/business/energy/us-crude-gasoline-distillate-inventories-fall-eia-says-2024-09-25/">two-and-a-half year low</a> as of September 20, the latest data available."Yes, it is true that traders are worried about the fact that Chinese demand for oil is not back yet to a level that can make the OPEC stop extending the supply cut process," wrote Naeem Aslam, the CIO at London-based Zaye Capital Markets."However, the fact that the US oil stockpiles are clearing more quickly indicates that the demand for oil in the world's largest economy is trending in the right direction, which is positive for price action," Aslam added.

China's economic issues are so serious that even the oil market doesn't care about Middle East tensions — for now

<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 energy trade likely boomed last month despite sanctions.</li><li>Oil and gas sales were on track to reach $9.4 billion, per calculations from Reuters.</li></ul>Russia's oil and gas business is set for a windfall this month. <a target="_blank" href="https://www.reuters.com/business/energy/russian-oil-gas-revenues-set-rise-by-50-yy-june-reuters-calculations-show-2024-06-25/">According to Reuters</a>, Russia's oil and gas revenue is set to surge to $9.4 billion in June, up roughly 50% from the $6 billion it took in from oil and gas sales in June of last year. That's a big boost for the Kremlin, given that oil and gas revenues have made up as much as half of the nation's total revenue for the past 10 years. The increase in revenue has largely been spurred by declining subsidies to Russia's oil refineries, which fell $60 billion from last month. That may encourage refineries to export oil and gas overseas for a higher price, as opposed to keeping oil and gas for domestic sales.The revenue jump is also a product of Russia's ability to navigate around Western sanctions, despite harsh restrictions on its oil and gas trade. Western nations have imposed bans on Russian energy imports and <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-exports-price-cap-sanctions-g7-ukraine-war-2024-4">$60 price cap</a> on Russian oil. Yet, Moscow has been able to trade its energy products under the radar using a variety of methods, including utilizing a <a target="_blank" href="https://www.businessinsider.com/russia-shadow-fleet-of-oil-tankers-putin-tries-bust-sanctions-2022-12">shadow fleet of oil tankers</a> and offloading its oil to its <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">key trading partners</a> like China and India.The <a target="_blank" href="https://www.businessinsider.com/russia-economy-west-secondary-sanctions-hitting-oil-exports-payments-revenue-2024-3">Bank of Russia</a>, though, has admitted sanctions pose an obstacle to its energy trade. Moscow's economy also appears to be feeling the effect of sanctions and the mounting costs of its war against Ukraine. Russia has set aside a <a target="_blank" href="https://www.businessinsider.com/russia-economy-defense-military-war-spending-drains-resources-other-sectors-2024-1">record military budget</a> this year. Civilians, meanwhile, are being pressured by <a target="_blank" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-putin-inflation-labor-shortage-rates-2024-5">high inflation and double-digit interest rates</a>.

Russia's oil and gas revenue is reportedly set to boom 50% this month

<ul><li>India was enjoying a discount of $12.6/bbl from Russian imports in Q1 of FY23, which came down to $8.8/bbl in Q1FY24.</li><li>Russia is going for voluntary cuts to ensure the “oil market remains balanced”.</li><li>Oil cartel OPEC+ has curbed output but it has been going up in Iran and the US. </li></ul>India has been enjoying the discounted <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> from Russia for over a year now. But the discount that India seems to be enjoying is coming down even as Russia remains one of its biggest suppliers as it imported crude to the tune of $12.4 billion in Q1FY24. “This year, in Q1FY24, while India continues to import crude oil at discounted rate from Russia compared with other countries; the premium has actually gone down relative to last year,” says Jahnavi Prabhakar, economist at Bank of Baroda. In the April-June quarter of FY23, the premium that India enjoyed from <keyword id="8112813" type="General" weightage="20" keywordseo="russian-crude" source="Orion">Russian crude</keyword> – that’s the difference between international prices and Russian supply — was at $12.6 per barrel. In the same quarter this year, it has come down to $8.8 per barrel. Russia also a<a href="https://www.reuters.com/business/energy/russia-cut-oil-exports-by-300000-bpd-september-2023-08-03/">nnounced in early August</a> that it’s planning to cut crude oil production by 300,000 barrels per day. Prime Minister Alexander Novak had said that the country is going in for voluntary cuts to ensure the “oil market remains balanced”. It will also cut its exports by that quantity, he added. This is in addition to a pledge to reduce its oil output by around 500,000 barrels per day, or some 5% of its oil production, from March to the end of the year. Falling discounts <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avg international crude price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Russian crude price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Discount/premiums </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$112 per barrel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$99.4 per barrel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.6 per barrel </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$77.7 per barrel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$68.9 per barrel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8.8 per barrel </td></tr></tbody><tbody></tbody></table>Source: Bank of Baroda The 3x jump in Russian imports In spite of the changing discounts, Russia has turned one of India’s largest suppliers over the last one year. India is one of the world’s top importers of crude oil thanks to its high demand and a large population. In Q1FY23, Iraq was one India’s top suppliers — and has imported over $10.8 billion worth of crude oil from the country. Back then, India’s crude bill to Russia was around $4.6 billion. Now, thanks to its discounted offerings, Russia became the most important source for import of crude oil. In Q1 FY24, the figure now stands at $12.4 billion — which is thrice of what it was last year. “In Q1FY24, the average price of international crude oil stands at $77.7/bbl. During this period, UAE and Saudi Arabia have been able to provide crude oil at much higher rates of $86/bbl and $85/bbl respectively. Notably, Russia has been providing crude oil at much discounted rates than its global counterparts at $69/bbl,” says Prabhakar. Crude under pressure On the other hand, the crude oil dynamics have also undergone many changes — with uncertainty of Chinese demand, slow growth across the world, recession in Europe and more. In June, Saudi Arabia the <a href="https://www.businessinsider.in/finance/news/crude-oil-prices-may-hit-100/bbl-after-opec-decision-say-analysts/articleshow/100763692.cms">kingpin of oil cartel OPEC+ </a>consisting of 13 oil producing nations – decided to go in for another round of production cuts – by 1.6 barrels per day. They came to this decision after the earlier round of production cuts did not produce the necessary effects. Experts expect oil prices to remain under pressure in the short term due to changing production dynamics. “Oil prices have surged above $80 per bbl recently after OPEC+ curbed the output. US waterborne crude exports this month are set to hit the highest since March amid lower exports from the Middle East. At the same time, oil output is rising elsewhere. Exports from Iran surged to 2.2 mbpd in August, US output surged to 12.7 mbpd last week,” said Ravindra Rao, VP – head commodity research at Kotak Securities.

India imports $12.4 billion worth of crude from Russia but discounts are waning

<ul class="summary-list"><li>Refiners in India are reportedly cooling to the prospect of long-term deals with Russian oil firms, Bloomberg reported. </li><li>Three Indian refiners were in talks to receive 500,000 barrels a day from Rosneft. </li></ul>Top oil refiners in India are reportedly backing away from long-term contracts for crude oil from Russian suppliers amid intensifying US sanctions.<a href="https://www.bloomberg.com/news/articles/2024-03-06/india-cautious-on-contracted-russian-oil-as-us-sanctions-bite?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg reported</a> that three of India's state-owned oil refiners had been in talks with Russian energy giant Rosneft to lock in 500,000 barrels a day, about equivalent to one-third of India's daily imports.The report from Bloomberg said India's largest state-owned refiner, Indian Oil, is considering slashing crude supply from Russia under its long-standing term supply, while two other big firms, Bharat Petroleum and Hindustan Petroleum, have not committed to long-term contracts with Russian suppliers. Contracted deals would reduce dependence on one-off purchases, which are more expensive, Bloomberg said. The move away from long-term deals for Russian crude comes as sanctions from the West crack down on Russia's oil trade, with India buying more from other nations like Saudi Arabia in February. Though Russia is still the country's biggest supplier of crude oil, Indian refiners are increasingly turning to <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1?_gl=1*1vds571*_ga*MTIzMDA5Njk4OS4xNzA3ODc2NDgz*_ga_E21CV80ZCZ*MTcwOTczMzcyNC4xMTMuMS4xNzA5NzMzNzcxLjEzLjAuMA..">Middle Eastern nations like Iraq, the UAE, and Saudi Arabia</a>. The shift dragged the country's Russian oil imports to the lowest level last month since January 2023. Sources told Bloomberg that in the upcoming fiscal year starting April 1, state refiners plan to meet 40% of their crude needs through spot deals, indicating a large volume of Russian oil will still flow to India.

Indian oil firms are reportedly backing away from long-term deals for Russian oil amid tough sanctions

<ul class="summary-list"><li>At COP28, the UAE set out to tackle the climate crisis' root cause: fossil fuels.</li><li>During the summit, the UAE pledged to contribute $30 billion to a climate investment fund.</li><li>Advocates didn't get everything they wanted, but it was a realistic end given the geopolitics.</li></ul>Dubai was a surreal location for the most important climate event of the year.Like most rich countries, the United Arab Emirates is rife with climate contradictions that spilled into the UN summit, known as COP28. That clash felt tangible in Dubai, a city shrouded in the kind of opulence that oil money can buy. Just look at the superyachts parked in the man-made marina.But the fact that a futuristic metropolis sprang up in the desert within a few decades also makes you feel like anything is possible — like solving the climate crisis. And for the first time at a UN summit, the UAE set out to tackle the crisis' root cause: fossil fuels.That was notable, given that oil and gas production is the backbone of the UAE's economy. The young country is a climate pioneer in the Middle East because its future depends on it: both to support itself financially and to ensure people can keep living in one of the hottest parts of the planet."The world is moving away from fossil fuels, and that's a real risk to their economy," said Karim Elgendy, a climate consultant and an associate fellow at the London think tank Chatham House whose work focuses on the Middle East and North Africa. "So there's this frantic race to decarbonize internally, but also wean themselves off those revenues."The UAE was the first country in the region to pledge to reach net-zero emissions by 2050 and invest in renewable energy at home and abroad. During the summit, the UAE <a target="_blank" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">pledged to contribute $30 billion</a> to a climate investment fund with big asset managers like BlackRock. Dubai <a target="_blank" href="https://www.mediaoffice.ae/en/news/2023/December/08-12/Dubai-announces-ambitious-plan-to-achieve-50-per-reduction-in-carbon-emissions-by-2030">set a more aggressive goal</a> to cut greenhouse-gas emissions this decade.In contrast, its state-owned oil company, Adnoc, last year said it would spend $150 billion on its oil and gas production, putting the country <a target="_blank" href="https://climateactiontracker.org/countries/uae/">far off track to reach its climate targets</a>.Reminders of the UAE's oil dominance are visible everywhere. On the metro ride out to Expo City, the sprawling venue for the summit, you can see industrial power and desalination plants lining the coast. These plants produce most of the electricity and drinking water for Dubai's 3 million residents. Air pollution clouded the skyline.During one of my trips, I saw flames from the top of a smokestack at the power plant, a practice known as flaring. Common in the oil and gas industry, it emits a lot of methane, a potent greenhouse gas that became a focus at this year's UN summit.Within the first few days, at least 50 oil and gas companies <a target="_blank" href="https://www.businessinsider.com/cop28-un-climate-conference-oil-and-gas-methane-emissions-satellites-2023-12">agreed to zero out methane emissions</a> from their operations under a plan announced by COP28's president, Sultan Ahmed Al Jaber. As the CEO of Adnoc, Al Jaber has the influence to corral such a coalition. He's argued that the world can't meet its climate goals without bringing the largest corporate emitters on board.It was no surprise that <a target="_blank" href="https://kickbigpollutersout.org/articles/release-record-number-fossil-fuel-lobbyists-attend-cop28">fossil-fuel lobbyists showed up to COP28 in record numbers</a>. As the summit went into overtime, climate advocates' worst fears about Al Jaber presiding over the event looked as if they'd come true.In the end, global leaders for the first time agreed to start moving away from fossil fuels this decade. Climate advocates didn't get everything they hoped for, but it was likely the most realistic ending given the location and geopolitics.If the UAE can advocate a shift away from oil and gas, maybe <a target="_blank" href="https://www.businessinsider.com/marshall-islands-unveil-multibillion-climate-plan-climate-conference-dubai-2023-12">the world isn't far behind.</a>

I covered the climate crisis and COP28 from an oil-rich nation — here's what I learned and why I'm hopeful for the future  

<ul class="summary-list"><li>US President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> told <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>'s <keyword id="11895802" type="UNKNOWN" weightage="60" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> that buying more <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> isn't in the country's interest.</li><li>He said Washington stands ready to help India diversify its sources of energy.</li></ul>US President Joe Biden asked India's Prime Minister Narendra Modi not to increase purchases of Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword>, saying it isn't in the country's best interests to do so.In an hour-long video call Monday, Biden said the US could help India diversify its sources of energy, but stopped short of making a "concrete ask" of Modi, <a href="https://www.reuters.com/world/indian-pm-modi-suggests-direct-talks-between-putin-zelenskiy-2022-04-11/">Reuters</a> reported, citing an official."The president … conveyed that we are here to help them diversify their means of importing oil. The imports from the United States are already significant, much bigger than the imports that they get from Russia," White House spokesperson Jen Psaki told reporters, according to Reuters.India, the world's third-largest consumer of oil, doesn't get much of its supply from Russia. In 2021, it purchased about <a href="https://www.bbc.co.uk/news/world-asia-india-60783874">12 million barrels</a> from Russia, making up only 2% of its total imports."The president also made clear that he doesn't believe it's in India's interest to accelerate, or increase imports of Russian energy, or other commodities," Psaki added. Psaki didn't specify whether India had made any commitment towards Russian energy imports.Russia's war against Ukraine has led the US and its allies to impose sweeping sanctions, including bans on oil and other commodities. Oil is a key source of revenue for Russia, the world's third-largest producer, but it has fallen out of favor with a number of its consumers. Both the US and the UK have banned Russian oil imports. The European Union hasn't yet done so because it's more reliant on Russian supplies.Beyond Europe, India and China have been <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-west-sanctions-china-india-2022-3">buying cargoes of cheap Russian oil</a>. Neither country has overtly condemned Russia for its invasion of Ukraine. But Psaki said India has now spoken out more forcefully against reported atrocities, "particularly as it relates to the <a href="https://www.businessinsider.com/videos-showing-russian-atrocities-in-ukraine-flood-social-media-2022-3?r=US&amp;IR=T">horrific photos that we saw around Bucha</a>." "Recently, the news of the killings of innocent civilians in the city of Bucha was very worrying," Modi said on Monday. "We immediately condemned it and have asked for an independent probe."Modi said he had recently suggested to Russia that President <keyword id="11899444" type="UNKNOWN" weightage="60" keywordseo="vladimir-putin" source="Orion">Vladimir Putin</keyword> and Ukraine's Volodymyr Zelenskyy hold direct talks.Still, unlike other members of the Quad countries – the US, Japan, and Australia — India hasn't imposed direct sanctions on Russia. It's purchased at least 13 million barrels of Russian crude since the invasion, according to Reuters.India abstained when the UN General Assembly last week voted to <a href="https://www.businessinsider.com/russia-suspended-from-un-human-rights-council-over-ukraine-invasion-2022-4?r=US&amp;IR=T">suspend Russia from the Human Rights Council</a> over its atrocities in Ukraine.Indian external affairs minister Subrahmanyam Jaishankar on Monday defended India's oil purchases from Russia."I suspect, looking at the figures, probably our total purchases for the month would be less than what Europe does in an afternoon," he said.A US official told Reuters that "we haven't asked India to do anything in particular," adding that the Modi government will make its own judgments after a candid conversation."We've seen them take steps to provide humanitarian assistance and a range of assistance, but it is something we always encourage leaders to do – to speak out, to be vocal, to ensure they are on the right side of history," Psaki said about the Indian government.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-high-upside-investing-tips-goldman-sachs-2022-4">GOLDMAN SACHS: Buy these 18 deeply oversold stocks that have upside of at least 50% over the next year</a>

The US urges India not to step up imports of Russian oil as other nations wean off their reliance

<ul class="summary-list"><li>Russia has a manpower crunch because of its war with Ukraine.</li><li>Russia's military is paying more in sign-on bonuses and salaries than the oil and gas sector.</li></ul>Russia is facing a labor crisis as its war with Ukraine siphons manpower away from the country's economy.The manpower crunch has gotten so bad that the Russian military is now offering sign-on bonuses and salaries that are so competitive that even the country's lucrative oil and gas industry isn't keeping up, Bloomberg reported on Monday.Russia's oil and gas sector has been paying wages that are at least two-thirds higher than the national average wage since 2017, per Bloomberg calculations based on official data.That's no longer the case.In January and February, workers in Russia's oil and gas sector took home about 125,200 rubles, or $1,370, in monthly nominal salary, per the media outlet.But the Russian army is now offering incentives to contract soldiers, including a nationwide sign-on bonus of 195,000 rubles, according to a <a target="_blank" href="https://contract.gosuslugi.ru/">Russian government portal.</a> Each region in the country also offers an additional one-time payment of up to 1 million rubles, per Bloomberg.The salary of a contract soldier starts at 210,000 rubles per month.That means people who enlist in the war receive sign-on bonuses and monthly wages greater than a month's oil or gas sector salary.The competition Russia's military poses to its oil and gas sector is important because the country is a major energy producer, and the industry's <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-gas-revenue-war-budget-april-ukraine-sanctions-putin-2024-5">robust revenues</a> have kept Moscow's war chest filled. It also illustrates how Moscow's war in Ukraine — now into its third year — is <a target="_blank" href="https://www.businessinsider.com/russia-economy-defense-military-war-spending-drains-resources-other-sectors-2024-1">siphoning resources</a> from the rest of the Russian economy.Moscow-based Kasatkin Consulting, formerly Deloitte's research center, estimates that Russia's oil and gas industry faces a shortfall of 40,000 workers this year, according to Bloomberg."Staff shortages have affected even the wealthy industries," Alexei Zakharov, the president of Superjob.ru, an online recruiter, told the media outlet. "The oil and gas sector can afford to attract employees with higher salaries, but the state competes by offering military contracts."<h2>Putin is urging Russians to have more babies</h2>Russia's manpower crunch isn't solely due to wartime mobilization.There was a <a target="_blank" rel="" href="https://www.businessinsider.com/russian-economy-brain-drain-labor-shortage-workforce-exodus-capital-flight-2023-9">massive brain drain</a> after the war started — which has <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-02/russians-who-fled-war-return-in-boost-for-putin-s-war-economy">somewhat reversed</a> — and a demographic crisis in the making before the conflict started.Furthermore, the <a target="_blank" href="https://questions-statements.parliament.uk/written-questions/detail/2024-04-18/22472/">UK estimated</a> last month that about 450,000 Russian military personnel have been killed or wounded since the war started in February 2022. This excludes those who have been killed while serving in private military companies.Russia's demographic crisis is so dire that <a target="_blank" href="https://www.businessinsider.com/putin-calls-russians-more-babies-ethnic-survival-economy-2024-2">Russian President Vladimir Putin</a> has taken to encouraging women to have more babies for ethnic survival."If we want to survive as an ethnic group — well, or as ethnic groups inhabiting Russia — there must be at least two children," Putin said at a tank factory in February.

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