Business Standard

Russia to flood Asia with fuels as Europe ramps up sanctions: Report

Moscow plans to raise taxes on energy sector to the tune of $50 bn in 2023-25

crude oil
Premium

India and China took a combined 2.7 million barrels a day of Russian crude and products last month (Photo: Bloomberg)

Agencies
Russia is likely to ship more fuel to Asian nations in the coming months as Europe tightens sanctions to step up its response to the invasion of Ukraine. 
 
The country is also considering to raise taxes on the oil and gas sector to the tune of 3 trillion roubles ($50 billion) in 2023-2025 in order to plug the budget gap, The Kommersant Daily said on Tuesday, citing sources familiar with the discussions. The finance ministry declined to comment.
 
The two regions (Asia and the Middle East) have already been taking a greater share of Russian exports since the war broke

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in