Asian countries have resumed or increased purchases of Russian oil after the United States eased sanctions amid the war with Iran, the Financial Times reported.
The Philippines and South Korea have already acquired Russian oil and petrochemical products. Vietnam and Sri Lanka are conducting negotiations with Russian energy companies. Thailand and Indonesia confirmed their willingness to make purchases, according to Financial Times lists.
The report indicates that oil from the Middle East represents the largest portion of imports from a number of Asian countries, including the Philippines, Vietnam, Malaysia, Thailand and Singapore. Amid the crisis, governments in the region have taken energy-saving measures – such as a four-day work week and recommendations to work from home – and expanded fuel subsidies. Many Asian countries have also increased their use of coal to replace natural gas supplies, which they rely on to generate electricity and operate industrial facilities.
In addition, India has increased its purchases of Russian oil. In February, Indian oil refineries bought 1 million barrels of Russian oil per day, and by the end of March, this volume had risen to 1.9 million barrels per day, the Financial Times reported, citing data from analytical firm Kpler.
After the outbreak of the American and Israeli war with Iran, Brent crude prices rose sharply and reached record levels since 2022. In mid-March, the United States eased sanctions and allowed Russian oil supplies and petroleum products to be loaded on ships until March 12. Later, sanctions on Iranian oil were temporarily lifted in the same manner. US Treasury Secretary Scott Besent estimated that Moscow would not receive more than $2 billion in additional income from sanctions relief.