Rysk ekonomisk politik: Varför går det så bra?

Europe buying Russian oil via India at record rates in 2023 despite Ukraine war

12 January 2024

The EU’s imports of refined oil imports from India grew to record levels in 2023 at the same time as New Delhi’s imports of Russian crude oil more than doubled year on year.

It means consumers in Europe likely received unprecedented volumes of petrol, diesel, kerosene and other oil products that originate from Russia via India last year, in spite of the sanctions imposed after Vladimir Putin’s invasion of Ukraine.

India has made no secret of its willingness to buy Russian oil in spite of the Ukraine war, maintaining good ties with Moscow while it has also courted closer defence and trade partnerships with Western nations.

India became the world’s leading importer of Russian crude oil last year, according to Kpler market data analysed by The Independent, importing an average 1.75 million barrels per day at a 140 per cent increase on 2022.

At the same time, the European Union’s import of refined products from India soared by 115 per cent, from 111,000 barrels per day in 2022 to 231,800 barrels per day in 2023, the highest figures in the past seven years analysed by Kpler and most likely the highest ever.

Russia boosts gas exports to China, aiming to catch up with Turkmenistan

In the first nine months of 2024 Russian pipeline gas exports to China surged by 23% compared to the same period last year, according to data from China's General Administration of Customs. The monetary value of Russian gas deliveries during this period reached $6.1 billion, underscoring a significant strengthening of ties between the two countries in the energy sector.

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Despite this significant growth, Russia remains the second-largest supplier of pipeline gas to China, behind the market leader, Turkmenistan. During the first nine months of 2024, Turkmenistan exported gas worth $7.4 billion, maintaining its position as China’s largest partner in this sector.