Thread by @riikka_kevo

What is Asia buying from #Russia🇷🇺?

Reactions towards 🇷🇺’s WAR against #Ukraine🇺🇦🌻 have been mixed in the #AsiaPacific.

#Japan🇯🇵, #SouthKorea🇰🇷, #Singapore🇸🇬 & #Taiwan🇹🇼 have joined in the Western-led sanctions effort.

1/ scmp.com/week-asia/expl…

But the two global giants, #India🇮🇳 and #China🇨🇳 have refused to condemn 🇷🇺.

Asia is geographically far away from the conflict and suffering less economic turbulence than Europe, which has complex economic links to 🇷🇺 and is heavily reliant on its energy & raw materials. 2/

Some Asian countries, like #India🇮🇳, even benefit from the WAR🇷🇺 economically as it goes on buying crude oil🇷🇺 at discounted prices. India has also refused to condemn Russia – its biggest supplier of arms – and is still keeping trade ties intact.
3/

#Indonesia🇮🇩’s state energy firm #PTPertamina is considering buying crude from 🇷🇺 as it seeks oil for a newly revamped refinery, its chief executive officer Nicke Widyawati said on Monday.

#China🇨🇳 is tipped potentiallt to be the next country to buy 🇷🇺 crude. So far, it has 4/

only relaxed restrictions of #Wheat🇷🇺 imports after it previously stopped them because of the presence of #Fungus.

Despite financial sanctions, #Japan🇯🇵 & #SouthKorea🇰🇷 - who are the big Asian buyers of oil_and_gas🇷🇺 - continue to import from 🇷🇺 having_not imposed sanctions 5/

on these imports. #Vietnam🇻🇳 too, a coal🇷🇺 importer, has not imposed direct sanctions on the fuel.

Aside from India, many European countries such as the #Netherlands🇳🇱 and #Poland🇵🇱 are still buying 🇷🇺 crude.
6/

🇷🇺 steel is still traded openly, with transactions being settled in non-US currencies such as
•Chinese yuan
•UAE dirhams
•Swiss francs,

say the #Fastmarkets group’s Asia ferrous supply chain lead analyst Paul Lim and senior iron ore pricing analyst Alex Theo. 7/

#China🇨🇳 so far had not bought any #Russian🇷🇺 iron ore concentrate and pellets as many Chinese trading houses had ceased dealing with Russian suppliers to honour current sanctions, Theo said.