While Europe and North America continue to turn their backs on Russian energy, China, India, and several other countries remain happy to buy ‘cheap’ Russian energy products.
Saudi Arabia more than doubled the amount of Russian fuel oil it imported in the second quarter of 2022.After months of conflict in Ukraine, and an increasing movement away from Russian energy by several world powers, some countries have made it clear that they are not willing to cut ties with Putin when it comes to energy.
China is thought to have imported 17 percent more Russian energy between April and July this year than in the same period the previous year. Its LNG imports from Russia have increased by 50 percent, coal by 6 percent and electricity – via a cross-broader transmission line – by 39 percent. In total China has spentBut the decision to deepen ties with Russia is not simply to spite the West. Russia is significantly undercutting the competition with its energy prices.
Modi has continually called for greater assistance from the West to improve India’s energy security and help the country transition to a future in renewables. He told the world at the COP26 Climate Summit last year that India had significant potential in renewables, including wind and solar power and green hydrogen, but it would need greater foreign support and investment to unleash its capabilities.
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