Russia is likely to ship more fuel to Asia and the Middle East in the coming months as Europe tightens sanctions to step up its response to the invasion of Ukraine.
The two regions have already been taking a greater share of Russian exports since the war broke out, according to data from S&P Global Commodities at Sea, highlighting the as-yet-unfinished reconfiguration of global energy flows. Now, the European Union is set to bar most imports of Russian crude from Dec. 5, followed by a prohibition on oil products that will kick in from February, ramping up the pressure on Moscow to redirect more of its energy output.
India and China took a combined 2.7 million barrels a day of Russian crude and products last month, according to Morgan Stanley. That’s 54% higher than a year ago. Smaller nations, dubbed the rest of the world, boosted imports to 926,000 barrels a day from 561,000, the bank said in a recent note.
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