Global fuel market faces massive changes due to Western sanctions again

Moscow: The US media has reported that the global fuel market is undergoing major changes due to the sanctions imposed on Russia by Western countries after the beginning of the Russia-Ukraine conflict. The report said that Russia is now exporting large quantities of fuel to Asia and other regions instead of the West, which will change the global trade equation. The think tank ‘Sera’ has claimed that the results of the ‘price cap’ imposed by the West on Russia have started to emerge and a big decrease in Russia’s income.

Moreover, Western countries imposed massive sanctions against Russia after the Russia-Ukraine conflict began. Countries like Japan and Australia also participated in this. Japan is a part of the ‘G7’ group. Besides, this group took the initiative to impose restrictions on Russia’s fuel and financial sectors. The G7 also approved the proposal to control Russian fuel prices for the first time.

After these sanctions by the West, Russia has started selling its fuel at discounted rates and Asian countries have taken advantage of this. According to the report of ‘The Wall Street Journal’, it includes other countries, including India and China. Both these countries have become the largest importers of Russian fuel. At the same time, it has come to light that a country like Japan is still importing much fuel from Russia. A few days ago, it was reported that the trade between the two countries has reached $18 billion in the first 11 months of 2022.

Furthermore, the think tank ‘Sera’ in Europe has said that after implementing the ‘price cap,’ the price of Russian fuel fell by $10 to $15 per barrel. Sera claims that this is costing Russia around $17 million per day.

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