Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the month-old war by the US and Israel against Iran, which has choked off roughly a fifth of the world's oil supply. This month, the Philippines, Indonesia, Thailand and Vietnam signaled new interest in Russian oil. Southeast Asian countries competing for the dwindling amount of Russian crude oil at sea are likely hoping the US extends its sanction waiver beyond April, Xu added. China and India have the advantageDefying Western sanctions, China and India were major Russian crude oil customers before the US and Israel attacked Iran on Feb. 28. An additional advantage for India was having US sanctions on Russian crude oil removed about a week before other countries.

Source: The Telegraph March 31, 2026 05:19 UTC