Trouble worsens for Russia as the economy is said to enter a stage of breaking point due to the ongoing sanctions from Western countries.
According to local media reports, the dire situation has left President Vladimir Putin with no decision but to accept any price point for the sale of Russian oil and oil products. However, it was clearly mentioned by the country’s energy minister that the deal would only be made to nations is referred to as ‘friendly’.
Speaking about the current state of the Russian oil industry, the minister highlighted how the situation has gone from bad to worse in a short span of time with countless challenges due to ongoing boycotts.
This coupled with numerous sanctions over the nation’s decision to invade the Ukrainian nation has really taken a toll on the economy, the energy minister continued.
Speaking to a foreign media outlet recently, he also hinted at how prices for crude oil commodities would soar from $80 to $150 for a single barrel.
While the country’s Goverment is yet to specify which nations come on its ‘friendly list’, many experts believe the indication is clear on how it was most likely making calls to both India and China.
Sources revealed how both those countries were seen purchasing bucketloads of cheaply priced Russian oil and products. Moreover, neither one of the two nations has even stepped up and condemned the country’s invasion of Ukraine either.
India is considered to be the world’s third-largest oil consumer, purchasing up to 12 million barrels last year from Russia. On the other hand, China may have some of the world’s biggest oil refineries but they are yet to join any pact with Russia ever since the war began.
However, smaller-scale oil refineries are continuing with their purchases in a discreet manner, as recently mentioned in a Reuters report that was published last week.