China, India, and Turkey have become significant buyers of Russian oil since the EU imposed an embargo in January 2023. China has purchased the highest amount, totaling $219.5 billion, while India and Turkey have made purchases of $133.4 billion and $90.3 billion, respectively. Cheap Russian oil benefits refiners and meets energy needs in these countries. Despite sanctions and an oil price cap enforced by the Group of Seven nations, Russia continues to raise substantial revenues from its oil sales, demonstrating its ability to navigate the restrictions effectively.
President Donald Trump is urging China and India to stop purchasing oil from Russia to lessen financial support for the Kremlin's war against Ukraine. Despite these efforts, these countries continue to benefit from cheap Russian oil, which enhances their energy needs and refineries’ profit margins. China, India, and Turkey have significantly increased their imports of Russian oil since the EU's sanctions, making Russia's oil revenues substantial despite the G7's oil price cap.
Since the European Union's boycott of Russian oil began in January 2023, crude flows have shifted from Europe to Asia, making China the primary purchaser of Russian energy. Reports indicate that China has bought $219.5 billion worth of Russian oil, gas, and coal during this period, while India has purchased $133.4 billion and Turkey $90.3 billion. Before the invasion, India's purchases of Russian oil were minimal.
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