Asian countries have resumed and increased purchases of Russian oil following the partial easing of sanctions by the United States amid the conflict with Iran, reports the Financial Times. According to the newspaper, several countries in the region have already begun receiving Russian energy supplies or are negotiating deliveries. The Philippines and South Korea have received shipments of Russian oil and petrochemical products. Vietnam and Sri Lanka are discussing potential deals with Russian energy companies, while Thailand and Indonesia have also expressed willingness to purchase.
Until recently, the Middle East had been the main source of oil for many countries in the region. Nations such as the Philippines, Vietnam, Malaysia, Thailand, and Singapore relied heavily on supplies from this area. However, amid rising prices and supply disruptions, governments have begun introducing measures to reduce energy consumption. These include implementing four-day workweeks, encouraging remote work, and expanding fuel subsidies. At the same time, several countries have increased coal usage to offset shortages of natural gas, which plays a key role in electricity generation and industrial activity.
A significant increase in purchases of Russian oil has been recorded in India. According to analytics firm Kpler, Indian refineries imported around 1 million barrels per day in February, rising to 1.9 million barrels per day by the end of March.
The rise in demand for alternative supplies comes amid a sharp increase in prices for Brent crude, which reached their highest levels since 2022 following the outbreak of hostilities between the United States, Israel, and Iran.
In mid-March, the United States partially eased its sanctions regime, allowing shipments of Russian oil and petroleum products loaded onto vessels before March 12. Treasury Secretary Scott Bessent stated that Russia could earn up to $2 billion in additional revenue as a result.
A similar measure was later applied to Iranian oil. Washington authorized the export of oil and petroleum products already loaded onto tankers. According to Bessent, this involves approximately 140 million barrels, initially intended to be sold at discounted prices, primarily to China. The license for these exports will remain valid for one month.
