In response to Putin’s aggression in Ukraine, many countries have introduced total bans on Russian crude. As a result, Russia has been forced to sell its oil at a heavy discount. The steep discount is making it impossible for India and China to resist. Since Russia invaded Ukraine in late February, several countries have introduced sanctions on the country, restricting trade and stopping Russian energy imports. This has led to severe oil and gas shortages worldwide. But some governments are using this situation as an opportunity to establish a closer relationship with Russia while demand for its huge oil and gas supplies is low, providing countries with low-cost energy imports. While Australia, Canada, the U.K., and the U.S. have introduced total bans on Russian oil purchases, the EU and several other state governments around the world have refused to follow suit. It is thought that introducing sanctions and import […]