What is the result of Russia? india waiting..?

Russia, which played an important role in determining the economic development of the world in 2022, is now forced to take an important decision. Since the start of the Russia-Ukraine war, all the major economic countries, including the United States, Britain, and europe, have banned the purchase of Russian crude oil. Not only was russia stagnant but its financial condition was also bad. It was in this situation that russia started selling more and more of its crude oil to india and china at discounted prices. This is where the problem erupts.
While russia has been successful in supplying the US, Britain, and russia with a large portion of the crude oil that should have gone to china, india, and other current countries, there is a problem. india banked more crude oil than its main suppliers iran and Saudi Arabia. Similarly, china also bought a large amount of crude oil from Russia. It is no exaggeration to say that it has become a big risk for russia to use its purchasing power to buy at a discount due to the high demand in india and China. According to last week's data, Russian crude oil is being exported at $52 per barrel.This sums to a 39 percent discount, or $33.28, to Brent crude oil prices. Although this discount is a big profit for india and china, it has become a big burden for Russia. russia is facing a trade loss of 4 billion dollars every month due to the discount given by Russia. It has also become a major problem that has a major impact on tax revenue. A barrel of Brent crude oil was $100 when the Russia-Ukraine war broke out and has now fallen to $86.United States, Britain, and europe jointly imposed the ban, thinking that this ban would create a huge financial loss for Russia. But with the help of india and china, this attempt has met with a major failure. Russia's crude oil production and export volumes are remarkably strong, but the loss of $4 billion a month in revenue is a major blow. Meanwhile, the US has come up with an important proposal to impose a price cap on Russian exports.If implemented, russia will be able to sell crude oil to countries around the world at international market prices. This will prevent the supply of crude oil to india at a discount. But will russia accept this?

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Sowmiya Sriram

28/11/2022 11:40 AM