FT: Asian nations turn to Russian oil amid Iran energy shock

Asian economies are increasingly turning to Russian crude as an energy shock driven by the conflict involving the United States, Israel and Iran strains supplies from the Middle East, according to a report by the Financial Times.

Countries across Asia, which are heavily reliant on oil and gas imports from the Middle East, are among the most exposed to the resulting global energy disruption. The report notes that the pressure has intensified interest in alternative suppliers, particularly Russia, as sanctions dynamics temporarily shift.

While China and India have long been the principal buyers of Russian crude following Moscow’s full-scale invasion of Ukraine, several other Asian economies have recently resumed or expanded imports.

The Philippines and South Korea have already received shipments of Russian oil and petrochemical products.

Meanwhile, Vietnam and Sri Lanka are in discussions with Russian energy firms, while Thailand and Indonesia have signalled openness to additional purchases, according to the report.

June Goh, a senior analyst at Sparta Commodities, said the current conditions are driving urgency among importers.

She told the newspaper that these are countries that are "very desperate right now" and intend to make the most of the window opened by the US waiver, adding that "Russia is the obvious option."

By Aghakazim Guliyev