2026-04-03 07:50:00
RUSSIAN OIL FOR ASIA
BLOOMBERG - April 1, 2026 - Energy-starved Asian nations are taking advantage of US sanction waivers to buy Russian oil to fill gaps caused by the Iran war.
The Philippines took its first cargo of ESPO crude in nearly six years, while South Korea’s first Russian naphtha shipment this year has arrived at Daesan port and is awaiting discharge, according to ship-tracking data. Other countries including Sri Lanka are in talks with Moscow over shipments.
The war in the Middle East between the US, Israel and Iran has pitched Asia into a severe energy crunch, with the near-total closure of the Strait of Hormuz choking off supplies. The disruption has left the region’s refiners desperate to secure alternative cargoes of oil and products.
“There’s no other choice,” said June Goh, an analyst at Sparta Commodities. “Refineries that do not have much flexibility will be the first to look for Russian crude, as they are relatively easy replacements for Middle Eastern supplies.”
Russia has emerged as one of the beneficiaries of the war, with the conflict lifting crude prices and Washington easing long-standing curbs on its exports. The assault against Tehran — which began in late February — has also taken the global spotlight off Moscow’s invasion of Ukraine.
Asian countries are taking advantage of a pool of Russian supply made available by the waivers, which free up cargoes loaded before March 12. The US effort is meant to help contain rising oil prices, even as it has drawn criticism for boosting Moscow’s revenues. A similar step by Washington to release Iranian barrels has had less impact, with would-be buyers remaining cautious.
In South Korea, it’s unclear whether local companies will be able to secure more Russian crude and naphtha as unloading and payment will have to be completed by April 11, when the US waiver expires, local broadcaster YTN reported on Tuesday, citing an official from the Industry Ministry. Naphtha is a key feedstock used to make plastics that can also be blended into gasoline.
Other economies such as Japan may also consider turning to Russian supplies as the war drags on. While Tokyo would have to weigh up any possible diplomatic implications, the country is in need of oil and petrochemical feedstocks, and already imports Russian liquefied natural gas.
Before the waivers, Russian crude buyers in the region were largely limited to India processors and independent refiners in China, with other potential takers deterred by the prospect of losing access to the US financial system. The two nations still account for the lion’s share of Russian imports, with India taking about 60 million barrels for this month, while Russian flows have made up a larger portion of China’s overall crude mix this year.
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Earlier:
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RUSSIAN OIL & GAS SUPPLIES UP
Russia is now aiming to capitalize on supply concerns as a result of the conflict in the Middle East, where energy infrastructure and supply routes have been attacked.
2026, March, 5, 07:55:00
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India was the top buyer of Russian seaborne crude after Moscow's 2022 Ukraine invasion, but in January its refiners started to reduce purchases, helping New Delhi avoid 25% tariffs imposed by Washington and clinch an interim trade deal.
2026, February, 25, 07:55:00
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2026, February, 10, 13:27:00
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Against a backdrop of intensifying Western economic coercion, renewed attempts to weaponize trade, the slowdown in Russia–China bilateral trade, and the U.S.-India oil narrative curbing India’s imports of Russian energy, as well as visible stress fractures in the global energy system, the Putin-Xi dialogue emerged as a crucial strategic calibration for Russia and China.
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2026, February, 5, 07:35:00
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2025, December, 2, 19:15:00
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Russia has remained China's largest crude supplier, but those flows fell to 2 million b/d (83.15 million metric tons) in the first 10 months of 2025, down 7.7% year over year, according to data from China's General Administration of Customs.
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