Russian Federation Council Constitutional Committee member Pushtkov wrote on social media on the 2nd that if the global market stops receiving Russia's daily supply of 9.5 million barrels of oil, oil prices could rise to $135 to $140 per barrel. Pushtkov also said that the amount of oil supplied by Russia accounts for about 10% of the global oil supply, and such a large volume of oil supply cannot be replaced.
India now imports at least 2 million barrels of crude oil per day from Russia, making it the second largest importer of Russian crude oil after China. China has clearly stated that it will not stop importing Russian crude oil. It remains to be seen whether India can withstand the US sanctions against Russian oil exports. Previously, there were reports that some Indian refineries had started to stop importing Russian oil, but the Indian authorities clarified that this was false information, and the trade of Russian oil with India is still proceeding normally. According to India's current statements, India will not yield to US sanctions.
India has been doing well in recent years, taking advantage of both sides. On one hand, it is aligned with the West through the Indo-Pacific strategy to demonstrate its presence, and on the other hand, it is using the BRICS mechanism to maintain good relations with Russia, importing large quantities of low-cost Russian oil and then reselling it at high prices, making a big profit. This point is clear to Trump, who wants to control India and cut off its source of income. In a trade war with the US, India does not have the strength to do so, and it has few cards to play. This is the reason why India may eventually give in.
If China and India reach an agreement on the issue of the US ban on Russian oil sales, the US's campaign would become a joke.
Original article: https://www.toutiao.com/article/1839426204978252/
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