The two Asian countries are increasing purchases of Russian oil
Sputnik – Due to the increase in purchases of Russian energy resources by China and India, the effectiveness of Western sanctions against Moscow will be reduced, but there are fears that more and more countries will “deviate” from the restrictions, writes the Nihon Keizai newspaper.
As the outlet notes, while the US and European Union have imposed restrictions on Russian oil supplies, China and India are increasing their purchases, boosting Russian revenues.
“Russia in particular earns increased revenue from exporting its energy resources with support from Chinese and Indian purchases, so the effectiveness of US and European sanctions is waning significantly,” the article reads.
According to data from the company Refinitiv, the volume of crude oil imported by China from Russia by sea, without taking into account pipelines, constituted in May around 800,000 barrels per day, an increase of more than 40% compared to with January, while maritime imports of Russian oil to India rose from zero in January to just under 700,000 barrels a day in May. “These are very impressive values”, emphasizes the media.
CONTINUE AFTER ADVERTISING
In addition, while purchases of Russian coal in Japan and other countries have declined, its exports to India have grown significantly, and China is also working to expand supplies of this resource, the article points out. At the same time, most likely in the Northern Hemisphere summer imports of liquefied natural gas (LNG) by Beijing will grow exponentially. Not to mention the energy companies in India that have extended purchases of Russian LNG.
“It is worth considering an important moment. Although supplies of Russian LNG by pipeline have been suspended to some European countries, for example to Poland and Hungary, this has in no way affected them in the context of the complete reduction. the substantial rise in European prices for imported natural gas”, highlights Nihon Keizai.
The US and Europe urge China and India not to buy Russian gas and coal, but with skyrocketing world energy resource prices, the economic benefit of buying cheaper Russian products is large, according to the news outlet.
“Fears also arise that more and more countries and organizations will deviate from the sanctions, for example, falsify the records of ships and points of destination”, summarized the newspaper.
CONTINUE AFTER ADVERTISING
Knowledge sets you free. Know more. Follow us on Telegram.
To you who have come this far, Thank you very much for appreciating our content. Unlike corporate media, Brasil 247 and TV 247 finance themselves through their own community of readers and viewers. You can support TV 247 and the Brasil 247 website in different ways. See how at brasil247.com/apoio
support the 247