The sanctions imposed by the West on Russian oil imports have prompted the Russian Federation to look for alternative buyers of the strategic commodity. And the Kremlin is doing quite well. Increased imports of Russian oil are reported by India, Cuba, but also Saudi Arabia.
Buyers of Russian oil are changing
China and India, which have significantly increased oil withdrawals from Russia, are gradually joined by other countries. Russia is thus trying to counter the sanctions imposed on it by the West. In the case of oil, its imports to the European Union are expected to fall by at least two-thirds by the end of this year, and some member states even want to give up to 90 percent or more of Russia’s oil.
Saudi Arabia’s Russian Oil Comes In Handy
However, Russia has significantly increased its exports of its strategic raw material to Saudi Arabia, for example, which in the second quarter took twice as much oil from Russia as the long-term average. The country intends to use it to generate electricity, for which demand is growing every summer due to the increased demands on air-conditioning of enclosed spaces.
The Saudis are buying Russian oil at a significantly lower price than is usual on world markets. In recent days, Russian oil exports to the island of Cuba have also increased. Cuba is also taking advantage of the discounted price of black gold to help Russia pull the thorn out of its heels.
