Monday, August 26, 2024

Oil for weapons.

"The ongoing Russia-Ukraine war shows no sign of ending soon," as "A recent video has surfaced, capturing footage of a Ukrainian drone striking a residential building in Saratov. The attack bears a chilling resemblance to the way planes collided with the World Trade Center during the 9/11 attacks." NDTV. "Russia has launched one of its biggest air attacks on Ukraine of the war so far, the head of the Ukrainian air force has said." "Power infrastructure was hit, causing widespread blackouts," and "Russia confirmed it had launched attacks on Ukraine's energy infrastructure - one of its long term tactics - and said all its targets were hit." BBC. "Despite sanctions by Western countries against Russia due to the Ukraine war," "In its latest rankings, the World Bank has promoted the Russian economy to the top income category." "Along with Algeria, Iran and Mongolia, Ukraine has moved up from the lower-middle-income to the upper-middle-income category this year." ET. The war seems to have been good for both Russian and Ukrainian economies. "Indian Prime Minister Narendra Modi has paid a historic visit to Ukraine, telling President Volodymyr Zelenskyy he is prepared to play a personal role to bring peace." As is usual, Mr Modi hugged Zelenskyy. "Mr Zelenskyy appeared to frown, but equally it may have been the sun in his eyes. Smiles were few and far between." BBC. Zelenskyy described Mr Modi's visit as "historic". "If we will change India's attitude to this war and to Russia, we will stop the war, because Putin will want to stop it," Zelenskyy said." NDTV. "Experts say Zelenskyy issued 'curt' messages to India in a key press conference after Modi's departure from Kyiv, in which he made a veiled reference to India's border standoff with China." The Print. Zelenskyy's career as a successful actor and comedian (wikipedia) may make him believe that other nations must take his side because the US is egging him on, but other nations have their own interests to consider. Under cover of martial law Zelenskyy did not submit to re-election which was due on 31 March 2024. CNN. The Indian government has earned in excess of Rs 25 trillion from excise duty on petroleum products. since 2014-15. ppac.gov.in. In addition to excise duty, "In 2022-23, the government collected Rs 1.47 trillion from SAED (Special Additional Excise Duty), a large part of which is WPT (Windfall Profit Tax) revenue. Collections are expected to rise to Rs 1.52 trillion in the current fiscal." DH. This is possible only because of cheaper oil from Russia. "India overtook China as biggest importer of Russian oil in July as Chinese refiners bought less because of lower profit margins from producing fuels," and "Russian crude made up a record 44% of India's overall imports last month, rising to a record 2.07 million barrels per day (bpd), 4.2% higher than in June and 12% more than a year ago." Reuters. Mr Modi is not going to give up this enormous source of revenue which is useful for winning elections. The US is giving weapons to Ukraine to prolong the war and weaken Russia. In the process destroying the country. Russia is giving us oil. Zelenskyy should bargain for cheap Russian oil for giving up US weapons. The war will end.   

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