20 April 2023
Russia’s oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West.
As western groups have imposed harsh economic penalties and massive sanctions on Russia over its war in Ukraine, relations between China, India and Russia became more strength and oil trade with them is increased.Ind
ia and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of US$-60 per barrel, according to traders and Reuters calculations.
India accounts for more than 70% of the seaborne supplies of the grade so far this month and China for about 20%, Reuters calculations show.
India and China have not agreed to abide by the Western price cap, according to medias.
G-7 + Australia agreed the price cap of US$-60 per barrel of Russian oil in December,2022 and make an effort to reduce the tax of Russia.
But, some countries that do not agree the price cap pointed out that the price cap is not be able to hinder to slow down the steps of Russia in Ukraine.
Russia is facing with massive sanctions imposed by the Western nations following its invasion of Ukraine in February 2022.
