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Significance
European buyers are rushing to buy crude before EU sanctions take effect. Expectations of a hefty fall in Russian oil exports and output have not materialised, because China and India have bought more. However, sanctions due in December and February will be a greater test.
Impacts
The US-proposed price cap on oil sales will have little effect if China and India do not cooperate.
Fear of US secondary sanctions will limit the appeal of Russian crude for many non-Western buyers.
Western export controls will restrict Russia's access to technologies essential to maintaining production.
Keywords:
Russia,
RUCIS,
China,
CIS,
EU,
India,
economy,
industry,
international relations,
foreign policy,
foreign trade,
infrastructure,
oil,
prices,
shipping,
Fossil fuels
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2022
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