The US President has taken a lot of action to prevent Russian crude oil from entering the market, but he seems to be failing on this front. The report of Helsinki-based Center for Research on Energy and Clean Air (CREA) is telling a similar story. According to CREA, in October, India was the second largest importer of Russian crude after China, buying oil worth $2.5 billion, while Beijing imported oil worth $3.7 billion. Whereas America is in talks with both these countries on a trade deal. There is also a possibility of big announcements in a few days or weeks.
How much fossil fuel did you buy?
India’s total fossil fuel imports from Russia reached $3.1 billion, while China imported $5.8 billion. With $2.7 billion, Türkiye ranked third, while the European Union was the fourth largest importer with $1.1 billion. Western countries are pressuring India and China to curb purchases of Russian oil, which they argue is helping finance Moscow’s war in Ukraine. Last month, the US imposed sanctions on Russia’s two top oil exporters – Rosneft and Lukoil, and the impact of these measures is expected to be reflected in the December import data of India and China.
Turkey bought coal
China remained the largest buyer of Russian coal, ahead of India and Turkey. India imported Russian coal worth $351 million and oil products worth $222 million in October. Turkey was the largest buyer of Russian oil products last month, with imports worth $957 million, about half of which was diesel. It also purchased Russian pipeline gas worth $929 million and crude oil worth $572 million.
How much Russian gas did the European Union buy?
The EU imported $824 million worth of Russian LNG and pipeline gas in October and bought $311 million worth of Russian crude oil. South Korea remained the 5th largest importer of Russian fossil fuel. More than half (53 percent) of its imports – valued at $215 million – were coal, followed by LNG ($107 million) and oil products ($80 million).