According to CoinMeta, and as reported by the Financial Times, due to the tensions in the Gulf region causing a shortage of oil supply, India has purchased a record amount of oil from Russia, making it even more difficult for New Delhi to reduce its dependence on Moscow. Sumit Ritolia, the chief analyst at the trade consulting firm Kpler, stated that in June and July, India imported over 2.6 million barrels of Russian oil per day, which is higher than the low of 1 million barrels per day in February and accounts for more than half of the country's total crude oil imports. As a peace agreement between Washington and Tehran seems far off, the limited flow of oil through the Strait of Hormuz has forced India to turn back to Russia to meet its oil needs. To contain the impact of the Gulf crisis, Trump approved partial exemptions that allowed India to purchase Russian oil. With the interruption of natural gas supplies from the Middle East due to the war, India, like many other Asian countries, has resorted to coal for power generation. Over the decade since March 2015, India's annual coal production has surged by 70%, reaching 1.04 billion tons.