According to a report by Bloomberg, Russia’s crude oil exports to China and India have decreased by nearly 30 percent since they reached their peak shortly after the conflict in Ukraine broke out. This suggests that Asia may not be ready to fully absorb Russian barrels once European sanctions are implemented in their entirety.
To this point, the high cost of oil has contributed to an increase in Russia’s export-duty income and assisted in offsetting the impact of a contracting market. The skyrocketing price of oil has made it possible for the Kremlin to maintain paying for its war activities despite the tightening of sanctions.
According to statistics provided by Vortexa, India’s crude oil imports from Russia have increased from practically zero barrels per day before the start of the conflict to around one million barrels per day last month.
In the six months between February and June, China’s crude oil imports from Russia than doubled, bringing the total to a new all-time high. According to Bloomberg, however, shipments are now around thirty percent down than their all-time highs.
According to figures provided by Bloomberg, Moscow is making around $160 million per week from oil export tariffs, which is approximately a 25 percent increase compared to prewar months but almost the same amount as a decrease from April’s peaks.