India and China Increase Imports Of West-Banned Russian Oil

India and China had increased oil imports from Russia, emerging as two of the biggest importers of Russian oil.

The Center for Research on Energy and Clean Air (CREA) reported that Russia accounted for 18 percent of India’s crude oil imports in May compared to the 1 percent before the war broke in Ukraine. The import increase can be attributed to Russia’s discounted price for its oil exports.

CREA has recorded China as the biggest Russian oil importer since May, surpassing Germany. China has imported a total of €13.7 billion of oil, fossil gas, and coal.

CREA reported that Russia had earned €93 billion ($98 billion) in fossil fuel revenue from February 24 to June 3.

Germany, Italy, Netherland, Turkey, Poland, France, and Belgium are the countries that make up the top 10 largest importers of Russian oil.

In May, the European Union agreed to ban more Russian oil imports, intensifying the economic sanctions on Russia. The EU decided to eradicate 90 percent of Russian oil imports, exempting oil imported through pipelines. Lithuania, Finland, and Estonia achieved more than 50 percent import reduction.

CREA said that despite the efforts to reduce Russian oil imports in Europe and the United States, Russia had maintained a record high export revenue.


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