Russia will now have to depend more on India and China. Oil is banned by EU and there is no way with Russia so it has to resort to India and China for crude oil trade.
EU leaders have agreed to the ban. It could cost Russia around 10 10 billion. This loss is too much for Russia. Ural oil company is very famous all over the world but today one company has refused to supply oil to Russia. The only reason is Russia’s invasion of Ukraine. That’s why Russia is now reaching out to other countries for help.
However, there will be fewer buyers in Asia to buy Ural crude. The main reason behind this is that such oils cannot be easily refined in large quantities in countries like Sri Lanka, Indonesia, as they do not have the refined processing and blending capability to handle highly sulfuric type of oils.
In such a situation, Russia will be very much dependent on China and India. Because the refinery capacity is very high in both these countries. It is not clear how much oil China and India buy. Both countries are at the forefront of purchasing oil in the world.
The sanctions on Russia have been lifted until 2022 due to the attacks by Russia and Ukraine. More than 90% of European oil was imported from Russia.
This can harm not only Russia but also European countries, Russia has suffered a lot due to the sanctions imposed on Russia by some small countries.