Ukraine war: Why Putin wants help from India, China on oil purchase
NEW DELHI: President Vladimir Putin may need to count even more on India and China after the European Union agreed to ban Russian oil in the bloc's toughest move against Moscow since the February 24 invasion.
From the moment Russia invaded Ukraine, the West has sought to hit Moscow's lucrative energy sector to cut off funding for its war.
However, any such move was a double-edged sword, especially in Europe, which relies on Russia for 25% of its oil and 40% of its natural gas. European countries that are even more heavily dependent on Russia have been especially reluctant to act.
But with the war nearing the 100th day and Russia step offensive in the east, the EU nations have ultimately decided to ban 90% of all Russian oil imports over the next six months.
The move could potentially cost Putin up to $10 billion a year in lost export revenue.
In response to the EU’s decision, Mikhail Ulyanov, Russia’s permanent representative to international organizations in Vienna, took to Twitter, saying: “Russia will find other importers.”
Dependence on India, China
With EU's latest measure to punish Russia, President Putin will now have to rely on India and China, which are among the few countries that can process the type of crude Europe typically buys.
Russia’s flagship Urals crude — an oil brand that had been popular in Europe — has always had limited buyers in Asia.
india must take the cheapest oil available..for its public..unless USA pays us money to cover the loss...
India should buy cheap oil only.
Both china and india are funding the war
We need to buy more Russian oil but we can't rely on single supplier. I think 30% is good number. Also we need to increase strategic reserves as US and EU might hit us with sanctions.
Importing extra oil from Russia translates us supporting an aggressor, which we should never do. Buying more Russian oil is immoral
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Russia economy remain strong if china and india buy oil from them and Putin can be strong against EU and USA
Leaders of genocide will always look to each other for support. Modi with Godhra, Putin with Bucha.All these leaders and their party and supporters have blood on their hands attacking minorities while claiming that they are 'tolerant'.
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and you were the witness..!!
India has capacity to store only nine days worth of oil reserves. One would think by now, that Govt would have created storage facilities for much greater amount.
Come June, Saudis are set to increase prices Again for Asian Buyers, only. They seem to be pushing India and China towards buying cheaper Russian crude?
ACCHAHI MADE IN INDIA !!!!!!!!
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if being with an old time and tested friend comes with the perk of cheaper oil. Than why not??
Government should arrange to pay in rupees at discount and fill up oil reserves.
Russia has always sood by india in past.,We should have better trades with Russia rather then Saudi
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Buy oil and gas with INR
India must buy discounted oil from Russia who has always helped us.....USA and other countries must understand this that our energy requirement are huge and we must not rely on gulf countries who invaribly fund terror
Discounts on oil from Russia is very good news for India but it should be passed over to the customers instead of governments filling their coffers and waste it on useless things to buy votes.
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If only Mahaatma Gandhi were alive now we would have shunned the discounted priced Russian crude. He would have started a fast unto death on this subject of profiting from someone's pain.
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Only a dumb or cunning anti India can ask us to still support Ukraine at the cost of Indian economy
Cheap Russian oil can India tame inflation and thus will help economy to grow
If India and China buys oil from Russia, then it covers 20 to 25 % of global requirement as they worlds 2nd and 3rd oil consumers.
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buy cheap but sell to poor indians at so called market rate
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less than 1% of total indian demand is procured from russia till now
If the trend continues Russia might give more crude oil discounts and Center might again bring down petrol diesel prices by another Rs 10 in another 3 months.
India should definitely buy more oil from our long trusted partner Russia but also help Russia to come out of this war as it seems that Russia has stuck in this messy battle which certainly they didn't expect before starting the war. it is costing Russia a huge money on daily basis to run this war apart from trade losses and sanctions. around 100 days have passed and still no resolution is in sight.
Actually the west doesnt want the war to end!
West and EU are biggest hypocrites , this war could have easily ended in few days had they not given weapons to Ukraine.