Russia will find other buyers for the oil that the European Union no longer buys. Mikhail Ulyanov, who is Russia’s permanent representative to international organizations in Vienna, said on Twitter.
Ulyanov reacted to the oil embargo that the EU has agreed on Russian tanker oil.
The question is which countries will buy the oil. China and India will have to do that, as many other Asian countries such as Indonesia and Sri Lanka do not have the advanced refineries necessary to fuel Russia’s Ural oil. Russian crude oil contains relatively much sulphur.
However, China and India could negotiate discounts that would reduce Russia’s earnings from its oil. Recently, this happened even after many western oil companies had decided to stop buying oil from Russia.