The key pillar of Russia’s war chest is cracking. The timing couldn’t be worse.

• Russia’s oil and gas revenues – a fundamental source of war financing – fell by 27% in July.

• EU sanctions and flexible price limits cut Moscow’s energy income.

• Trump targets India with tariffs according to Russian oil imports. Delhi can use it to get trade aid.

Russia’s income from oil and gas He has recently dived and put more pressure on Moscow to end his war in Ukraine.

In July, Russian President Vladimir Putin’s administration collected 787.3 billion rubles or $ 9.8 billion from oil and gas income on Tuesday, on Tuesday – 27% lower than a year ago.

The decline in energy tax income is forcing the budget of Russia, which is a deficit of 3.7 trillion rubles or 1.7% of GDP in the first half of the year. Oil and gas remain vital Russian economy And now in the fourth year to finance the war.

This financing is now under threat on multiple fronts.

Last month, the European Union introduced the 18th sanction package against Russia. The fixed cover, which is fixed per fixed chin in Russian oil, effectively reduced the income of Moscow on each barrel exported barrel, by replacing it with a more flexible mechanism that limits prices below 15% of global market averages.

However, the pressure is not only coming from Europe.

Recently, Trump has sharpened his discourse and trade threats against Russian oil -buying countries, and chose India, the best buyer of fuel.

Last week, Trump announced that it was 25% tariff for Indian goods and “punishment”. Russian oil purchases.

On Tuesday, the US President said it could increase this rate.

“I think I will significantly increase it in the next 24 hours because they buy Russian oil, they are fueling the war machine.” He said.

On Monday, the Ministry of Foreign Labor of India said energy imports focused on providing “predictable and affordable energy costs” for Indian consumers.

Trump said he wanted an agreement to end Russia’s war with Ukraine until 8 August last week.

“Putin will stop killing people if a barrel falls more.

According to Tatiana Orlova, a developing market economist in Oxford Economics, Russia is likely to dig even in the ultimatum of Trump.

“Russian leadership seems to see the flexibility of the economy in the war for the first three and a half years as proof that it is immune to the first three and a half years,” Orlova said in the Wednesday note.