In July 2025, the industrial sector of the Russian Federation experienced the fastest decline in business activity in over two years. The PMI index, calculated by S&P Global, fell to 47 points, indicating a continuation of negative dynamics after already low levels of 47.5 in June. This situation arose despite a significant volume of military orders that had previously stimulated production; however, the growth rate of the industry has been slowing for several consecutive quarters.
This is reported by Finway
Strengthening Sanctions and Restrictions for Russian Companies
Amid increasing pressure from international sanctions, banks in the United Arab Emirates have tightened control over financial operations of companies from Russia. In recent months, UAE banks have closed accounts of many Russian enterprises, the number of which in the country has exceeded 4,000, and have also implemented stricter monitoring of compliance with sanction requirements.
Searching for Alternative Oil Export and Import Routes
Kazakhstan and Turkey are considering the possibility of increasing the export of Kazakh oil using the Baku–Tbilisi–Ceyhan pipeline, which allows avoiding transit through Russia. Such a move could weaken Russia’s position in the global energy resources market.
At the same time, the Indian government, one of the largest importers of Russian oil, has approached state-owned oil refining companies amid increasing external pressure, asking them to consider alternative sources of raw material supply. The four leading state-owned oil refining enterprises in India, which together account for 60% of the country’s capacity, have not submitted any new applications for the purchase of Russian oil in the past week.
“Although Indian officials currently deny that their country is changing its policy regarding the purchase of Russian oil, U.S. President Donald Trump claims that India will stop buying raw materials from Russia to enter into a trade agreement with the United States.”
Against this backdrop, India’s largest state oil company — Indian Oil — has already purchased 5 million barrels of oil from the United States and another 2 million barrels from the United Arab Emirates. Thus, Indian companies are demonstrating their readiness to seek alternatives to Russian oil in response to pressure from Washington. Representatives of the White House have clearly communicated to Indian partners that significant tariffs on Indian goods may be imposed if further cooperation with Russia continues.