In spite of sanctions regarding oil imports from Russia, information has surfaced indicating that the world’s largest oil producer, Saudi Arabia, has stepped up imports of Russian oil in the second quarter of 2022.

The sanctions, which were imposed earlier this year are aimed at choking Moscow’s energy flows for its invasion of neighbouring Ukraine in February this year.

Our Today reported last month that despite “crippling” sanctions, Russia is now exporting more oil than before the conflict broke out, and soaring prices suggest revenues of US$20 billion per month from foreign sales.

Insider.com reports that India particularly has been snapping up Russia’s crude oil, with Reuters reporting that Saudi Arabia more than doubled its imports of Russian oil saying the move allowed the Kingdom to free up their own oil exports. Saudi Arabia imported 647,000 tonnes of Russian oil during the quarter based on data reviewed by Reuters.

Russian oil imports surging

Saudi Arabia took possession of the oil from Russian and Estonian ports and has thus far imported 320,000 more barrels from Russia compared to 2021 levels. This has come with many analysts believing that American President Joe Biden’s Saudi trip is unlikely to yield a deal on oil.

Saudi Arabia’s increased willingness to grow its reliance on Russian oil is at odds with global powers which are trying to condemn the Kremlin and cut off its exports in response to its invasion of Ukraine.

The imports also allow the kingdom to free up their own oil exports to reap in profits from the record-high prices on the international market.

Reuters further reported that some of the Russian fuel made its way to Saudi Arabia through Egypt, accounting for some of the 110,000 barrels per day imported from Egypt in June.

Meanwhile, Egypt imported 70,000 barrels per day from Russia in June. Saudi Arabia uses oil for its power grid, especially important during the scorching summer months.

Many large cities in the Saudi kingdom stretch far from natural gas fields, making their dependence on oil even stronger.