According to a recent report by the Centre for Research on Energy and Clean Air (CREA), the Price Cap Coalition (PCC) countries that banned Russian oil imports instead imported oil commodities worth €42 billion from India, China, United Arab Emirates, Singapore and Turkey after the war started on February 24, 2022.
Key points
- The Price Cap Coalition (PCC) comprises Australia, Canada, the European Union, Japan, the United Kingdom and the United States.
- The PCC imposed a maximum price of $60 a barrel of oil transported by vessels owned or insured by some countries in the alliance to third-party countries, with the intention to dent Russia’s financing of the war.
- As per the report, India emerged as the leading exporter of refined oil products at 3.7 million tonnes to Price Cap Coalition countries in 2022. This is an increase of 0.3 million tonnes from the previous year.
- Since the beginning of the invasion, demand for Russian crude oil has increased significantly by China, India, Turkey, UAE and Singapore. China (57.7 million tonnes), India (55.9 million tonnes), Turkey (17.4 million tonnes), the United Arab Emirates (UAE, 1.0 million tonnes) and Singapore (0.5 million tonnes) increased imports of Russian crude oil in the prior year, importing €74.8 billion worth of oil in the 12 month period since Russia invaded Ukraine (February 24, 2022).
