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.