ET Graphics: How top buyers of Russian oil including China, India, and Turkey benefit from EU's boycott

Three countries—China, India and Turkey—are the biggest recipients of oil that used to go to the European Union. India, with $133.4 billion, stands second Turkey’s import figures stand at $90.3 billion Hungary imports some Russian oil through a pipeline.

But why is the reason? Simple, it is cheap.

Since Russian oil trades at a lower price than international benchmark Brent, refineries can fatten their profits. EU’s boycott led to a massive shift in crude flows from Europe to Asia.

Moscow oil earnings
Russia continues to earn substantial sums even as the Group of Seven leading industrialised nations has tried to limit Russia’s take by imposing an oil price cap.