China has sharply reduced purchases of Russian oil, while India has completely stopped

China cuts purchases of Russian oil, India stops buying it

President of the United States Donald Trump said. China has significantly reduced its purchases of Russian oil, а India has completely stopped Import.

«China has started to reduce purchases, and India has completely stopped importing Russian oil. This is a serious blow to Moscow,» Trump said during a press conference in Washington.

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A blow to the Kremlin's revenues

According to the US president, the decision of the two largest Asian energy consumers could significantly affect Russia's foreign exchange earnings and limit its ability to finance the war against Ukraine.

Trump stressed that this step was the result of Washington's diplomatic pressure and international sanctions imposed in response to Russia's aggression.

Reaction of global markets

After the US President's announcement, oil prices rose by more than 2%, as traders expect a reduction in Russian supplies to the global market.
Analysts predict that Moscow may lose up to $5 billion a month, if the trend continues.