There has been much talk about how there are plenty of buyers for Russian oil – especially heavily discounted Russian oil – in absence of American and European buyers. The would-be buyers at the top of the list, India and China, certainly have been aggressive as of late in not only sending tankers to load up on Russian crude at Novorossiysk but in broadcasting to Western/NATO powers that they feel no shame in doing so.
And if we’re being entirely honest, it’s not like Brussels or Washington nor their respective allies have had much interest in pursuing an Iran-sanctions style punitive regime for Asian buyers of Russian crude. At least, not until now.
In light of the current and ongoing Russian bombardment of the critical Ukrainian port city of Odessa, and the first major salvo of alleged Russian war crimes evidence coming out of Ukraine, public support for harsher sanctions measures against Moscow isn’t going to abate anytime soon. If for some reason you had been betting/planning/hoping on Asian buyers to help keep the Russian energy industry (and buy extension, the Russian economy afloat), you might want to seriously rethink your position.
Previous newsletters mentioned in the video:
China, Oil, and the Ukraine War – Zeihan on Geopolitics
Odessa, and Beyond – Zeihan on Geopolitics
Russia’s Twilight War – Zeihan on Geopolitics
A Ukraine War and the End of Russia – Zeihan on Geopolitics
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