Modi Walks a Trading Tightrope With Putin

Hello and welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s David Fickling explores the flourishing oil trade between India and a sanctioned Russia. To understand why a $5 trillion investor coalition is rethinking climate risk, click here. For more about the PR challenges facing lab-grown meat, read this. If you haven’t yet signed up to get Elements sent to your inbox, you can do that here.

Russia’s relations with many countries may have collapsed since the invasion of Ukraine — but ties with India are blossoming. It sounds like a match made in heaven (or hell, depending on your taste): An oil-hungry developing economy, sucking up all that spare crude sanctioned from Moscow’s traditional export markets. Russia’s share of India’s energy imports has gone from next to nothing to 25% during the past year, according to Mint, a local business newspaper. But the course of true love never did run smooth.