The Magazine for Asian Investors
While the EU is busy with sanctions talks against Russian oil, Russia has already opened new distribution channels for its energy products.
China is reportedly buying at a discount price of $29 per barrel below the price before the Ukraine war. As a result, imports of Russian crude oil have increased by 15% to 1.9 million barrels per day.
In particular, imports by sea have increased sharply. Compared to Q1 this year, imports by sea have increased by 47% to 1.1 million barrels from around 750k barrels.
With the new distribution channels, revenues have also risen sharply. The International Energy Agency reported that revenues from oil exports have increased by 50% compared to before the Ukraine war. This makes a total of $20 billion in sales per month.