World Highlights Column: Where Did Russian Oil Gas Go? After being boycotted by the district police

Reuters image file

World Highlights Column: Where Did Russian Oil Gas Go? After being boycotted by the district police

The answer to the above question is China and India. on Russian oil and gas exports an influx to replace western nations that put sanctions in place in response to Russia’s attack on Ukraine That includes sanctions on Russian oil and gas.

China and India benefited from buying cheap crude oil from Russia. After the war, Ukraine caused energy prices in the world market to soar. As Western countries reduce their dependence on Russian energy

India and China now account for more than half of Russia’s total marine oil exports. Russia has also become China’s biggest crude supplier this year. Replaced Saudi Arabia The largest oil producing country in the world As of March this year combined imports of Russian oil from China and India also exceeded the 27 member states of the European Union (EU).

Chinese purchases of Russian oil this year have been extremely volatile. By falling in February Russia launched a war attack on Ukraine. But China’s imports of Russian oil rose significantly after that. India’s Russian oil imports increased from a very low import base at the beginning of the year. by reaching the highest level during June-July this year. and continued to maintain import volumes at that level until September

The Indian government defended its own purchase of Russian crude which the country needed to source from the cheapest sources.

On the other hand, Myanmar is under the power of military rulers. which was isolated from the West also turned to buy crude oil which has received a discount from Russia Just as Sri Lanka suffered the worst economic crisis in its history. It also takes advantage of Russian Ural crude at a discount.

After the invasion of Ukraine This caused much of the world to turn its back on the deadly Russian Urals. causing the price to plummet At one point the price of Ural crude was cheaper than the price of Brent crude. That is an international benchmark of more than 30 US dollars per barrel. and until the end of September It’s about $20 a barrel cheaper.

But countries that buy crude oil from Russia like India still face barriers to payment Due to Western sanctions on the Russian banking system which affects transactions with Russia

However, India is looking for a solution to this problem. One is to establish a payment system with local currency. by Indian exporters to Russia Payments are made in Russian rubles instead of US dollars or euros. Imports are paid in rupees. China uses the Chinese yuan instead of the US dollar. to buy oil from Russia

It can be said that it is beneficial for all parties for a country that is still connected to Russia!