It has been more than two years since the conflict between Russia and Ukraine, and Russia was surprised to find that not only did it not stagnate its economic development because of the war, but because of the oil and energy industry, its income increased significantly.
On the side, India has also made a lot of money by reselling Russian oil, which can be called the biggest beneficiary of the Russia-Ukraine conflict.
On February 19, Russia's largest oil company Rosneft announced its 2023 financial report, showing that the company's oil sales in 2023 reached 3 trillion rubles and its net profit exceeded 127 trillion rubles. It is conservatively estimated that oil sales in Russia for the whole year will reach more than 9 trillion rubles. Oil sales to India alone reached a record $37 billion, and the number of exports increased more than 13 times compared to the pre-war period.
In the face of this result, it is not only Russia that is happy, but India is also laughing. Who would have thought that India would be able to make a windfall by taking advantage of the Russia-Ukraine conflict? Some people are happy and some are worried, and the NATO countries in Europe are directly broken by this data.
In recent years, European and American countries have suppressed Russia in all aspects. Not only in terms of **, technology and financial restrictions on Russia, but also set a ** cap on Russian oil exports at the end of 2022, and the limit on each barrel of oil shall not exceed 60 US dollars. And prohibit the relevant shipping companies and insurance companies from providing services to Russia's ***, trying to hit Russian exports and help Ukraine gain an advantage in the Russian-Ukrainian conflict.
However, the idea is beautiful, but the reality is skinny. According to Russian Deputy Prime Minister Alexander Novak, the share of Russian oil exports to the West in total exports has fallen to 15% in 2023, compared to 60% in 2022. In contrast, oil exports to the East have increased by more than 45%, from 40% in 2022 to 85%, and the total export value has directly doubled. In other words, the profits from exports to the East directly compensate for the losses of the West.
Among them, India has made great efforts to reduce the pressure of sanctions on Russia. According to relevant data, in 2023, there will be more than 200 voyages of oil tankers, which will depart from Russia and transit to Greece and be shipped to India, and they will be very profitable, and a fully loaded oil tanker can make a profit of more than 10 million US dollars in four to five months, which is more than 3 times the profit of other ships. Therefore, many fleets would rather resist the sanctions of Europe and the United States, and also rush to Russian oil.
And when Indian Foreign Minister S Jaishankar attended the Munich Security Conference, he also declared: Without India's transshipment, the world's oil market cannot be stabilized at a "low price", and it is likely to soar to $150, which will eventually cause world inflation. So Europe should instead thank India for easing the oil and gas market. U.S. Secretary of State Antony Blinken, who was at the meeting and advocated for continued tightening sanctions against Russia, was embarrassed.
However, the United States itself does not fully comply with the sanctions, and "small actions" continue. After all, capital will not mind the opportunity to make more profits, even if it is not in America's own interests. According to relevant data, the United States will buy a total of $1.3 billion in oil products from India in 2023.
However, India is not an oil producer, and these petroleum products are imported from Russia** and refined in Indian refineries. Of course, the United States itself is aware of this situation, but it has chosen to "turn a blind eye."
Because according to the data of 2022, the proportion of Russian oil production is already as high as 126%, and the volume of natural gas exports reached 253%, ranking first in the world. If the United States also adds sanctions to Russian oil products, not to mention whether it can succeed, it will also further raise the already high inflation in the United States. Moreover, a sharp increase in the export value of petroleum products will also allow Russia to produce less and make higher profits. The United States is hesitant about this, and it is understandable that it will be indecisive.
In addition to this, after the follow-up of sanctions by European countries,U.S. oilfield parts suppliers also provided Russia with 5,500 pieces of oil production-related equipment with a total value of more than $200 million in 2023As a result, the United States made another "windfall".
In the face of the situation in which the United States made a small profit, Russia made a big profit, and India made a crazy "white wolf with empty gloves", European countries were "confused", and it turned out that only themselves were really "injured" from beginning to end.
Finally, EU High Representative for Foreign Affairs and Security Policy Josep Borrell also had to admit that the Russia-Ukraine conflict has entered its third year, "but they (Russia) are still there, and the war continues." I can say that the intensity of the battle has increased, but we do not see the light at the end of the tunnel. ”
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