Japan, South Korea, Taiwan buy Russia’s fuel but face less criticism than India as they’re ‘against sanctions’: analysts
- Since the start of the war in Ukraine, some Asian nations have taken more Russian fuel while mindful of the need to diversify sources
- Some have always supported Ukraine, without saying when would phase out Moscow imports; India only recently criticised the invasion
As Russia prepares to ship more fuel to Asian countries in the coming months while Europe tightens sanctions to step up its response to the invasion of Ukraine, questions have been raised as to whether this would mitigate the impact of global sanctions on Moscow.
Even so, analysts say that some Asian countries are unlikely to stop buying due to their dependence on imported energy, soaring energy prices, and the competitive pricing of Russian energy.
Unlike India, which has been criticised for buying Russian energy, the observers say Asian countries have received less flak – and will receive less in the future – as many had publicly stood firm against the invasion of Ukraine.
From December 5, the European Union is set to bar most imports of Russian crude, followed by a prohibition on oil products that will begin from February.
Since the start of the war in Ukraine, Asian countries have taken a greater share of Russian fuel exports, according to data from S&P Global Commodities at Sea.
India and China took a combined 2.7 million barrels a day of Russian crude and products last month, which is 54 per cent higher than a year ago, according to investment managers Morgan Stanley.
