Putin sends Xi record amounts of oil as Russia scrambles to find buyers after EU blow

Indian orders for Russian oil also soared, hitting record highs in January. In total, Russian supplies accounted for around 27 percent of India’s oil imports last month as they reached a historic high of 1.4 million barrels per day, a 9.2 percent rise from December 2022.

Both China and India appear to be benefitting from the discounted price of Russian energy supplies, helping the Kremlin work its way around European sanctions as it diverts flows East.

Sushant Gupta, Asia-Pacific research director at consultancy Wood Mackenzie, told The South China Morning Post: “We do believe that China and India will process much more [of the] Russian crude that has been displaced from [the] EU.

“India and China’s purchase of Russian crude is helping to stabilise the global crude markets by providing an outlet for Russian crude.”

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Article source: https://www.express.co.uk/news/science/1737690/putin-xi-oil-russia-sanctions-china-india