Russia Big Oil Switch Ahead Of EU Sanctions
Two-Third of Russian oil Aheads to Asia
India and China Russian oil binge continues
Russian oil has flooded the Asian market as European buyers shun Moscow .
Asian countries now account for ⅔ of Russia total seaborne oil exports .
As per bloomberg report India and China are the main buyers of discounted Russian oil .
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Minor volumes are also being shipped to Sri Lanka and UAE , bloomberg reported . Before the war seaborne oil shipments to Asia accounted only ⅔ of Russian crude sales .
But now Asian oil export amount to ⅔ of all Russian crude oil sea deliveries . Russia oil export to European market have seen steady decline due to sanctions. Bloomberg : Crude exports to EU countries fell to five-week low at 700,000 barrels/day .
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Moscow Europe to Asia unprecedented oil switch comes just weeks ahead of EU sanctions backed by G7 nations kick in on December 5 this year . These sanctions will stop western firms to provide insurance in October, Russia overtook Iraq as India top oil supplier .China also has been importing huge amounts of oil from Russia after Ukraine war .
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