Asian countries, forced to buy Russian oil to cope with the fuel crisis: "There is no other option"

Asian countries are benefiting from the exemptions granted by the US to purchase Russian oil, in the context of the energy crisis generated by the war in the Middle East.

The Philippines received its first shipment of Russian ESPO crude in the last six years, and South Korea received its first shipment of Russian oil this year. Other countries, such as Sri Lanka, are discussing similar purchases with Moscow.

The war has led to the near-total closure of the Strait of Hormuz, causing an energy crisis in Asia, and refineries are urgently seeking alternatives. Analyst June Goh emphasizes that refineries with limited flexibility will seek Russian crude as a substitute. Russia is benefiting from the rising price of crude and the relaxation of American restrictions on its exports.

The exemptions target goods loaded before March 12, and the US aims to limit the rise in oil prices. In South Korea, local companies must complete unloading and payment by April 11, when the exemption expires. Other Asian economies, such as Japan, may consider purchasing Russian oil, given their energy needs.