Russia has come to the point where it has to become more dependent on India and China for crude me exports.
President Vladimir Putin is said to be increasingly dependent on China and India for crude oil exports if the European Union bans Russian oil. Moreover, it hopes to be able to export to some other countries in Asia as well.
Putin could lose $ 10 billion a year in export earnings as EU leaders agree to continue a partial embargo on Russian crude imports.
Nothing is possible without Ukraine and Russia to solve food shortages: Antonio Guterres
As Russia’s Urals crude oil, a popular oil brand in Europe, is eventually abandoned, Russia needs traders like India and China.
This is because traders said that in countries like Sri Lanka and Indonesia where there is no sophisticated processing and blending capabilities that handle high sulfur oils, the quality can not be easily refined on a large scale.
This could lead to extra barrels being shipped to China and India, which have refineries that can process Urals oil.