Russia to flood Asia with fuels as Europe ramps up sanctions: Report

Moscow plans to raise taxes on energy sector to the tune of $50 bn in 2023-25

crude oil

India and China took a combined 2.7 million barrels a day of Russian crude and products last month (Photo: Bloomberg)

Russia is likely to ship more fuel to Asian nations in the coming months as Europe tightens sanctions to step up its response to the invasion of Ukraine. 
The country is also considering to raise taxes on the oil and gas sector to the tune of 3 trillion roubles ($50 billion) in 2023-2025 in order to plug the budget gap, The Kommersant Daily said on Tuesday, citing sources familiar with the discussions. The finance ministry declined to comment.
The two regions (Asia and the Middle East) have already been taking a greater share of Russian exports since the war broke out, according to data from S&P Global Commodities at Sea, highlighting the as-yet-unfinished reconfiguration of global energy flows.


First Published: Sep 20 2022 | 10:25 PM IST

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