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At the moment there is an embargo on oil supplies to Europe from Russia, Russia has decided to refocus from the West to the East. Thus, oil supplies to China and India have increased. Russian oil exports have increased by 70 million barrels of crude oil.
The traditional importer of Russian oil was Europe, but European elites have suspended cooperation and have begun to avoid deals with Russia. In fact, it has even become impossible to transfer money to pay for oil. The largest Russian banks were also hit by a huge list of sanctions.
India and China took advantage of this. Chinese state giants have not increased imports of Russian oil, despite huge discounts. China does not want to fall under the U.S. sanctions, which explains the lack of interest in Russian oil. However, private Chinese companies still began to buy oil, as it is more difficult to impose sanctions on a particular company than on the state.
India, being a link in the balance in the region, was not in a hurry to refuse Russian oil, especially since Russia introduced discounts on oil. Russia became the fourth largest supplier of oil to India in April, although previously it was in the eleventh place. In March, India increased imports of Russian oil by 40% up to 22.72 million tons. Tankers transported about 75 million barrels in the last week. At the same time, the country imported a total of 56.7 million tons of oil in the last three months, 12% more than a year earlier.
In April Asia for the first time overtook Europe as the most important buyer of oil from Russia.
Such oil supplies did not leave the U.S. apart. U.S. officials began to talk India out of importing Russian oil so that sanctions for Russia would be more tangible. Oil goes to Europe through pipelines. EU countries discussed imposing an embargo on Russian oil through the sixth package of sanctions. The agreement was reached on May 31 but it is yet to be signed. Not all countries approved the initiative, Hungary was against it. Chairman of the European Commission Ursula von der Leyen previously claimed that Europe will abandon Russian oil by the end of 2022.
Russia is looking for ways out of a difficult situation and is reorienting itself toward the East. However, this is a very long process, and at this point, the question is how much the East needs Russia.
lgbt amerikants racked w hyper inflation shortages of baby formula etc have helped enrich Russia w sanctions—thanks morons
Russia is forced to sell oil now 32% cheaper than that of Brent Crude price. Check this one. Confirmed by Russian government data. https://oilprice.com/Latest-Energy-News/World-News/Russian-Oil-Sells-At-Huge-Discounts.html
for a part of its oil sales, thats right. so? didn’t realize that the price of oil has doubled in the last few weeks? russia, despite all the sanctions and discounts, still earns more than last year, which was the record year so far.
Plus 5 times more for natural gas. Higher prices is good for exporters, but a problem for importers. China and India are good partners, so it’s acceptable to keep their economies running with normal level of resource prices. Germany could have it too, but their pimps from Fashington ordered to Berlin to kill the economy.
Of course. But the point here is that other oil producers are earning around 50% more than Russia per barrel. Of course India and China are exploiting Russia.
China and India are getting cheap oil from Russia. The whole idea of Russia, India and China “partnership” is at least partly fake. Russia is in deep trouble and China and India are taking chance to Kremlin misery. The price gap between Ural oil and Brent might be soon 50 dollars. Russkies are selling their ass cheap.
“India and China took advantage of this.” Yep. Not mentioned that China and India are paying much less for Russkie oil that they would pay to Gulf producers. It’s amazing how the fact was ignored by SF. The price gap is huge.
MOSCOW, June 2 – RIA Novosti, Irina Krasikova. Russian banks in February-March reduced gold reserves by more than 20 percent – by April, only about 44 tons remained in vaults. In anticipation of sanctions, credit institutions increased exports, analysts explain. What threatens the “leakage” of the precious metal, understood RIA Novosti.