India and China cut Russian oil purchases amid sanctions pressure

According to Reuters, India and China have temporarily suspended the purchase of Russian oil with deliveries scheduled for March. The reason is increased tanker freight costs, which makes transporting raw materials from Russia less profitable.

Against the backdrop of these changes, the countries are intensifying supplies from alternative sources, including Middle Eastern, African and American states. This step allows them to compensate for the decline in Russian oil volumes and minimise potential risks to their national energy markets.

Analysts note that the rise in transport costs is a consequence of the tightening of sanctions imposed on Russia, which limits its ability to offer competitive terms to partners. In this regard, India and China are focusing on more favourable routes and strengthening trade ties with key exporters outside Eurasia.