Russian crude oil exports are back above levels seen before Vladimir Putin’s invasion of Ukraine, despite the ratcheting up of Western sanctions, new data shows.
India and China now account for 90 per cent of Russia’s seaborne crude oil exports, according to figures shared with The Independent by commodities tracking firm Kpler.
After India and China, the two largest buyers of Russian crude are now Turkey and Bulgaria.
Kpler said India is on track to be purchasing Russian oil at a record rate of 1.9 million bpd for the month of March.
While volumes of Russian oil exports have risen, the heavily discounted rates Moscow is offering to India and China mean revenues are significantly down year-on-year.
Another round of EU sanctions on Russian refined products took effect in February, expanding the measures beyond simply crude oil.
“If this approach is properly implemented, the large volume of imports of Russian oil to China and India would not be a problem,” he said. »
