More than 250,000 barrels of US crude are set to arrive in India every day next month, the highest in more than a year

The strike marks a serious escalation of attacks by Houthi militants given they have, so far, primarily targeted container vessels moving through the Red Sea

Naval forces shoot down 18 drones and 3 anti-ship missiles, ahead of a UN vote to deter such attacks. Vessel data shows most oil tankers are still using the Suez Canal but container ships are down 28%

Together China and India accounted for around 90% of Russia’s crude exports, while Europe's share fell to only about 4-5% from about 40-45%

The value of bilateral trade between Russia and China surged to $21.18bn last month, its highest since Russia invaded Ukraine in February 2022

The US State Department says price caps on Russian oil lets buyers, like China, "drive a harder bargain" in their purchases

India has become the top buyer of seaborne Russian oil, mainly Urals, since Western sanctions were imposed on Moscow over its invasion of Ukraine

China has repeatedly denied sending military equipment to Russia since Moscow's all-out invasion of Ukraine in February 2022

Sources claim two of India's three private refiners have settled some recent Russian oil import deals in Chinese yuan

Prior to sanctions imposed by the West, which cut Moscow off from international financial systems, Russia made the dividend payments in dollars

The deal, for 100,000 tonnes of crude from Moscow, was completed in the Chinese currency and not the US dollar which dominates international oil trade

Trade between the two countries was worth more than $93.8 billion, highlighting how Beijing has maintained its ‘no limits’ partnership with Moscow