The European Union’s groundbreaking decision to ban nearly all oil from Russia to punish the country for its invasion of Ukraine is a blow to Moscow’s economy, but its effects may be blunted by rising energy prices and other countries willing to buy some of the petroleum, industry experts say
As the European Union countries wrangle to reach a consensus on a total ban on imports of Russia’s crude, India and China have stepped up purchases and are importing record volumes of Russian crude, according to data from energy analytics company Kpler. Russia had up to 79 million barrels of crude either travelling on tankers .
Asian nations will overtake Europe as the main importers of Russian oil for the first time in April 2022, according to Bloomberg, quoting Singapore-based analytics firm Kpler. Last month, Russia sent over 71.7 million barrels of petroleum to Asia, more than double as much as Russia exported to the area before to the start of .