Think before importing fuel oil

But despite the sanctions that have almost crippled Russia, the country has not suffered much economic damage in the past year. Three days ago, President Vladimir Putin also said that the West thought the Russian economy would collapse. But nothing happened to him. China and India's 'hunger for fuel oil and gas' keeps Russia alive.

India and China, Asia's two largest economies, began buying larger-than-usual gas and oil from Russia after the West turned its back. The US also pressured these two countries to impose sanctions on Russia. But they did not pay attention to them.

China's crude oil purchases from Russia increased by 8 percent in 2022. It means that Beijing has bought about 1.72 million barrels more oil per day than other times. According to China's customs data, Russia is currently China's second largest oil supplier.

According to the market analyst company Kepler, only in February this year, China bought 5.62 million barrels of oil per day from Russia. Which broke all previous records.

On the other hand, China's pipeline gas and liquefied natural gas purchases from Russia have increased by two to three times.

Not only that, the amount of coal Beijing bought from Russia last year is 20 percent more than the previous year.

On the other hand, India has emerged as the largest importer of Russian oil after the war. Delhi bought 1.4 million barrels of tin per day from Russia in January this year. Which is 9 percent more than December last year.

In addition, India bought 161.18 million tons of thermal coal from Russia in 2022. Which is 15 percent more than the previous year.

Analysts said that Indian Prime Minister Narendra Modi got an opportunity to buy oil from Russia at a low price. He could not ignore this proposal as there was inflation in India and elections ahead. Modi has enhanced security ties with the West while maintaining warm ties with Moscow.

Apart from India and China, Turkey has also emerged as one of the largest buyers of Russian crude oil and coal. Besides, analysts say, Bangladesh and Pakistan can also follow the path of these countries to get fuel at low prices.

In addition to finding new buyers, Russia has also tried to find other ways to circumvent Western sanctions. Taking lessons from Iran, Moscow has built more than 600 'shadow fleets', according to the Economist Intelligence Unit.

According to US media, the demand for oil tankers in Singapore has increased. It is believed that Russian fuel is being sold in Singapore with fuel from other countries. Which makes it difficult to find out which is Russian oil.

But despite China and India importing huge amounts of energy, in 2022 Russia's energy sales profits fell by almost 50 percent. Because they have to sell fuel at low prices. And now Moscow is thinking of alternatives to compensate for this loss.

Another thing that is now being speculated is that China will overtake India as the largest importer of Russian fuel this year.