After the outbreak of war in Ukraine, a number of sanctions were imposed on Russia, which limited its ability to sell energy resources. The West has a strong hand. So much so that China, for example, does not decide to publicly help the Kremlin circumvent restrictions, so as not to risk a deterioration of trade relations with the Western world.
While New Dehli crude oil can still be imported at very low rates, it has problems securing cheap LNG. Problems arose because of Germany seized the local branch of Gazpromwhich was supposed to supply India with this raw material.
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The other side of the trade alliance with Russia
The German subsidiary of the Russian gas giant has been renamed Seceruing Energy for Europe. As the name suggests, its most important mission is to help a European country survive the energy crisis.
The canceled deliveries to India forced Jill – the country’s largest gas distributor – to do so Buy LNG at a record high price. Bloomberg said the price was $40 per million British thermal units.
Bloomberg also notes that market gas prices are boosted by competition with Europe, which is looking for new sources of energy fuel.
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