Whitewashed Urals Crude To Soften Russian Economy Contraction

The World Bank has reported that Russia’s economy will contract a mere 0.2% in the current year, way softer than last year’s 2.1% dip thanks to increased buying by India and China as well as European countries that banned Russian oil imports importing huge amounts of oil commodities from the two countries and also from United Arab Emirates, Singapore and Turkey.  India in particular has dramatically ramped up purchases of Russian oil, with crude imports growing  staggering 1,500% in May to over 2.15 million barrels per day…