Europe’s leaders agree to a partial ban on Russian Crude Oil
Russia the president of vladimir putin (President Vladimir Putin) In the future China And can be more dependent on India. According to Bloomberg, If The European Union If the European Union imposes sanctions on Russian oil, then Russia will be left with only a few buyers of the crude oil that Europe buys in Asia. European leaders have agreed to a partial ban on Russian crude, which is exported by sea. Due to this, Russia is likely to lose export revenue of $10 billion a year.
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However, this will likely require new buyers for Urals crude, the popular Russian crude oil brand in Europe. But it will have very few buyers in Asia. Because crude oil of this grade cannot be easily refined in large numbers in countries like Sri Lanka and Indonesia.
Because these countries do not have the blending capabilities of more sulfuric type oil. In such a situation, China and India, where there are capabilities to process the Ural, can buy extra barrels of this oil. As Shanghai is recovering from several months of lockdown, China’s state-run and private refineries may consider buying more oil from Russia.
However, there is a possibility that China and India can actually buy Russian oil only to a certain extent. Both countries are already buying crude oil forbidden by Europe at record levels after Russia’s invasion of Ukraine.
