India is buying more and more oil from Russia

Russian oil production

Since hardly anyone in Europe buys oil from Russia anyway, the price of a barrel of oil from the Urals is much lower than that of Brent from the North Sea.

(Photo: Reuters)

Bangkok, Beijing, Dusseldorf The European Union (EU) is working hard on the final details of the Russian oil embargo. Since February, Russia has received nearly ten billion euros from EU countries for its oil. In this moment, it will finally end here. However, experts are already warning that two countries in particular could offset the planned boycott.

“We can already see that Turkey and India have increased their oil purchases from Russia significantly,” says oil expert Felix Todd of commodity industry service Argus Media. China is still holding back due to falling demand, “but if Beijing increases its imports from Russia, China alone could compensate for an oil embargo of all of Europe,” Todd believes.

However, other experts are more skeptical and do not believe that China would have the ability or the will to fully offset a European embargo through acquisitions – at least not in the short term.

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