China and India are Benefiting from the Current Energy Crisis
This is also benefitting Russia as their cheap oil has two massive buyers...
The American and European pockets have been drained by the decision to ban the import of Russian oil even as it was done so with the intention to block off Putin’s run. Those same pockets being affected are also struggling to pay bills including energy bills.
Other aspects of finances and the economic ecosystem is being affected as well. Not only are people struggling to afford the luxury of filling up the tank, but prices on food and all other products are also meeting massive increases due to rising inflation and transportation costs.
Russia meanwhile has found ways of overriding the sanctions with the help of India and China. China has increased its imports of Russia’s crude oil by 40% while India’s marine imports of Russia’s oil spiked from zero to a whopping 700,000 barrels a day in just a five-month span, according to this People Say article.
Beijing and New Delhi have been repeatedly urged by Brussels and the United States to not import any more Russian energy, but obviously, this hasn’t worked. Even with six sanctions being implemented against Russia, there is little reduction in the number of importers. Russian oil can also be purchased cheaply.
With skyrocketing global energy prices, buying cheap Russian supplies would present an enormous economic advantage to China and India.
That brings me to the thought of the piece. What should we do about it? Should the United States drop the whole anti-Russian energy sanctions altogether or do we force other nations to join them? Ultimately, how can we make other nations ignore their economic interests and stop importing Russian oil?