As Russia tries to break the stranglehold of sanctions, China and India are emerging as Moscow’s pivotal financiers by purchasing large amounts of Russian crude, putting themselves in the middle of the messy war with Ukraine and a geopolitical standoff with the West.It’s a complex calculation for China, India — and the global economy.Buying cheap oil from Russia offers economic and political advantages. China can diversify its oil supplies for national security reasons, while India can make billions exporting refined products like gasoline and diesel.But undercutting European and American efforts to isolate the Kremlin risks serious diplomatic fallout that neither country wants. China has avoided overtly supporting Russia’s war in public statements, and India has portrayed itself as neutral.The two countries, with the demand from their enormous domestic markets and the supplies from their vast refineries, are also central in determining the direction of oil prices. Their purchases of Russian crude in recent months have helped ease the pressure.Their ultimate appetite for Russian oil will either shake or support the global economy, another complicating factor in the West’s capacity to stay united through a war of attrition in Ukraine. So far, the West has remained steadfast in its commitment to Ukraine, but a long pe …
