Capital Economy, Business and Finance
In 2023, India and China accounted for 78 per cent of Russia’s crude oil exports, up from 32 per cent in 2021. Oil exports to China increased by a third, according to a report from a Moscow-based think tank, while deliveries to India went up 18 times. India and China, in turn, are exporting more oil products into Europe: the report, called "Brics+ energy": A mover for the new world order, said Europe imported three times more oil products from the two Brics countries last year than in 2021. This is legal, but it means Russian oil is still getting into Europe. In total, Brics members hold about 40 per cent of the world’s oil reserves and more than 50 per cent of its gas reserves. The US is still the largest single producer of both. But that doesn’t mean its sanctions can’t be skirted.
