By Admin 
Russian Crude Oil: US President Donald Trump has been trying to end the Ukraine war for several months. In this sequence, he imposed new sanctions on Moscow and warned of heavy tariffs to the countries buying cheap oil from Russia. It was also announced to impose an additional 25 percent tariff on India for purchasing concessional oil from Russia, which was later withdrawn. Although India has reduced the purchase of crude oil from Russia in recent months, on the contrary, China has increased its purchase.
Irrespective of Trump’s threats
Despite Trump’s warnings, China is buying record amounts of crude oil from Russia in February. It is believed that this is the third consecutive month when China’s Russian oil imports have increased significantly. Especially independent refiners are purchasing cheap Russian oil heavily. According to preliminary estimates by Vortex Analytics, about 2.07 million barrels of crude oil were being shipped daily from Russia to China in February, which is much higher than about 1.7 million barrels per day in January.
At the same time, according to Kpler data, this figure was around 2.083 million barrels per day in February, whereas in January it was 1.718 million barrels per day. On the other hand, India has cut Russian oil imports. According to Kpler data, India’s imports of Russian crude oil declined to about 1.159 million barrels per day in February.
India retreated, China increased purchasing
Due to decrease in demand, Russian oil prices softened further, taking advantage of which China increased imports further. According to news agency Reuters, since November, China has become the largest buyer of Russian crude oil. India had significantly cut oil purchases from Russia in November for the first time in two years due to increasing pressure on New Delhi over sanctions and trade agreements from Western countries.
Overall, while America is working on a strategy to isolate Russia economically, China is taking advantage of cheap Russian oil to strengthen its energy needs and strategic reserves.
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