in our free newsletter.

Thousands benefit from our email every week.

  • Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Russia is finding loopholes around the energy bans

Prior to Russia’s invasion of Ukraine, the EU was the single largest buyer of Russian crude oil and oil products, accounting for nearly half of these exports.

However, since 2022, several countries, like the U.S. and Canada, as well as the EU, have imposed trade sanctions against Russia, with the aim of diverting funds from the country’s military attacks in Ukraine.

Russian deputy prime minister Alexander Novak told Rossiya-24 television in December, that Europe's share of oil and petroleum exports accounted for no more than 4% to 5% of total supplies in 2023.

Novak added that China and India — which have not cut ties with Russia — have become major trade partners instead. "There were virtually no exports to India before. Over the past two years, the total share of exports to India increased to about 40%."

Meet Your Retirement Goals Effortlessly

The road to retirement may seem long, but with WiserAdvisor, you can find a trusted partner to guide you every step of the way

WiserAdvisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

Get Started

Why India is capitalizing on Russian crude

Despite the EU curtailing energy trades with Russia, it’s coming full circle after all. Indian refiners are reportedly purchasing Russian crude at a discount and then selling the refined oil in other markets, such as Europe, where there’s major demand for diesel.

“The 1.6-1.8 million barrels a day of Russian crude that Indian refiners buy creates a competitive edge that others do not have,” Viktor Katona, lead crude analyst at Kpler, told Bloomberg in November.

While India banks more on Russian crude, OPEC’s share of oil imports in the South Asian country plunged to a record low of about 49.6% in the first nine months of this fiscal year from April, compared with 64.5% the previous year, Reuters reports.

Sponsored

Follow These Steps if you Want to Retire Early

Secure your financial future with a tailored plan to maximize investments, navigate taxes, and retire comfortably.

Zoe Financial is an online platform that can match you with a network of vetted fiduciary advisors who are evaluated based on their credentials, education, experience, and pricing. The best part? - there is no fee to find an advisor.

About the Author

Serah Louis

Serah Louis

Reporter

Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.

What to Read Next

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.