In a recent analysis, the think tank shares new figures on oil purchases from Russia. While China and India were recently mistakenly assumed to be at the forefront of imports, new results show that instead the EU remains the world’s largest buyer, accounting for more than 50 percent.
Despite the Ukraine war, the EU remains the main buyer of oil from Russia for now, according to a think tank analysis. Media reports about allegedly large oil import volumes to China and India have created a different and thus misleading impression, the Centre for Research on Energy and Clean Air (CREA) in Helsinki wrote in a published analysis. The EU was responsible for 51 percent of oil exports from Russia in June, China for 25 percent and India for only 4 percent, it said. Other G7 and NATO countries were responsible for 9 percent.
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Recently, international media had reported that the export of fossil fuels from Russia to China and India was a problem. The many headlines on the subject had created the impression that these countries in particular were responsible for the corresponding Russian revenues, CREA wrote.
In its latest analysis, the think tank debunked that assessment. Overall, it said, there was a trend during the course of the war for Russia to export less fossil fuel. The EU’s share of these exports has also fallen over the months. Among EU countries, Germany, the Netherlands, Turkey and Italy were the largest importers.
Putin: Russian oil supplies are increasing
Russia repeatedly stresses that it can withstand the Western sanctions imposed as a result of the Ukraine war. In this context, Moscow repeatedly refers to the expansion of trade relations with major emerging economies. For example, at the BRICS Economic Forum at the end of June, Kremlin leader Vladimir Putin stated that Russian oil deliveries to China and India were increasing noticeably.
