"Within hours, the sanctions had triggered a 6% rise in the global oil price and reports were emerging of an immediate pause of Russian oil deliveries to the biggest refineries in India, Moscow's biggest crude customer, and to China's biggest state-owned oil companies. Luke Wickenden, an analyst at the Centre for Research on Energy and Clean Air (Crea), said a significant decline in Asia's fossil fuel imports would be devastating for the Kremlin's export revenues."
"Between January and September this year, 86% of Russia's crude oil exports including pipeline deliveries went to China and India. If Moscow lost access to these markets, it could forfeit approximately $7.4bn in monthly revenue, translating to roughly $3.6bn in tax receipts per month flowing directly into the Kremlin's war chest, Wickenden said."
"The sanctions mean companies buying Russian oil risk losing access to the dollar-based financial system. This could have particularly large consequences for India and China, which have emerged as the largest importers of Russian oil and gas since the Kremlin's full-scale invasion of Ukraine more than three and a half years ago."
US sanctions targeted Rosneft and Lukoil to reduce Moscow's ability to fund the war in Ukraine by threatening buyers' access to the dollar-based financial system. The measures prompted an immediate 6% rise in global oil prices and reported pauses of Russian crude shipments to major refineries in India and to China's state-owned oil companies. India and China emerged as the largest importers of Russian oil and gas, receiving about 86% of crude exports between January and September. Losing those markets could forfeit roughly $7.4bn in monthly export revenue and about $3.6bn in monthly tax receipts to the Kremlin.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]