Saudi Arabia, one of the largest producers of oil in the world, has joined the list of countries importing Russian oil. According to figures, Saudi has doubled its Russian oil imports in its second quarter, despite western sanctions. As per the data reviewed by an international news agency, Saudi Arabia has imported 6,47,000 tonnes of Russian oil from April to June against the 3,20,000 tonnes, imported last year. That is, the Gulf nation has doubled its purchase.
Following the Russian invasion in Ukraine, western countries and the US had imposed sanctions on Russia to weaken its economy. However, it was not effective as countries, including India, began purchasing Russia's oil at cheap prices.
For the year 2021, Saudi Arabia had imported 1.05 million tonnes of Russian fuel oil, Reuters said citing the data obtained through Refinitiv Eikon ship tracking.
Saudi is importing Russian fuel oil to meet its summer power generation demand. Most countries, including India and China, are now depending on Russian oil to control inflation. Saudi is importing Russian oil via Egypt. The new development comes ahead of US President Joe Biden’s visit to Saudi Arabia, in a bid to restore diplomatic relationships.