India is buying more and more oil from Russia

Russian oil production

Because hardly anyone in Europe buys oil from Russia anyway, the price for a barrel of Ural oil is well below that of North Sea Brent.

(Photo: REUTERS)

Bangkok, Beijing, Dusseldorf The European Union (EU) is working flat out on the last details for the embargo on Russian oil. Since February, Russia has received almost ten billion euros from EU countries for its oil. Right now this will finally end up here. However, experts are already warning that two countries in particular could compensate for the planned boycott.

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

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

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