Target of sanctions imposed by the West in Russia since the beginning of the invasion of Ukraine has been – as has repeatedly been noted by world leaders – to stop “Putin’s war”, paralyzing the Russian economy. And of course the biggest blow that the West could cause is in the energy sector, where efforts have focused.
However, some seem to be hindering these efforts countries that continue to indirectly subsidize the war. Specifically, the China and Indiawhich have not taken a clear stand against the Russian invasion continue to supply the same or more Russian energy and maintain more or less the same business relationship.
Indicatively, India has increased the amount of oil in recent weeks which is supplied by Russia, which in fact buys at a preferential price in relation to the market prices that have been launched. In particular, as Reuters reported a few days ago, from the end of February India supplied at least 13 million barrels of Russian oil, while by 2021 it had purchased 16 million barrels.
China on the other hand, which so far avoids using the term “invasion”, normally continues its trade relationship with Russia, observing the existing contracts for oil supply. Of course, the country’s industries have not entered into new contracts since the start of the war.
China is the largest buyer of Russian oil, as – according to the Chinese government – in 2021 it supplied almost 1.6 million barrels per day. It is also one of the largest buyers of natural gas in Russia, having supplied about 16.5 billion cubic meters. in 2021, ie about 7% of Russia’s production.
Absolute silence
According to relevant study by the Intelligence Economist Unit from the beginning of the month, one third of the world’s population lives in a country, which maintains a neutral stance towards the war. These countries include India, but also, among others Brazil, Saudi Arabia, South Africa and the UAE.
Also, 32% of the world’s population lives in countries that have either explicitly taken Russia’s side in the war or indirectly but explicitly support it, with officials repeating typical phrases of Russian propaganda. These countries include China.
The role of the West
Of course, even with a strong political will, but also a specific relationship, the West has not managed to become completely independent of Russian energy, in order to deal a strong blow to the country’s economy. The United States has been able to impose an embargo on imports from Russia, but Britain has said it will gradually become independent, and the highly dependent EU is finding it difficult to take such a step.
Overall, according to an analysis published by Bloomberg in early April, if Russian energy buyers continue to supply at the same rate, then Russia’s energy export revenues will reach about $ 321 billion by the end of the year. 2022.
Money Review
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