Japan has bought Russian oil above $60-a-barrel cap, breaking with US allies
Japan has bought Russian oil above $60-a-barrel cap, breaking with US allies, per WSJ.
Japan got the U.S. to agree to the exception, saying it needed it to ensure access to Russian energy.
Japan is the only Group of Seven nation not to supply lethal weapons to Ukraine, and Prime Minister Fumio Kishida was the last G-7 leader to visit Ukraine after Russia’s invasion, per WSJ.
In the first two months of this year, Japan bought about 748,000 barrels of Russian oil for a total of ¥6.9 billion. At the current exchange rate, that translates to $52 million, or just under $70 a barrel, per WSJ.
Recently, Saudi Arabia has joined a China-led security bloc and trade alliance with China, Russia, India, Pakistan and others, per CNBC.
Saudi Arabia’s cabinet on Tuesday approved a memorandum awarding Riyadh the status of dialogue partner in the Shanghai Cooperation Organization.
The SCO is a political, security and trade alliance that lists China, Russia, India, Pakistan and four other central Asian nations as members.
Beijing is Riyadh’s largest trading partner, with bilateral trade worth $87.3 billion in 2021, according to Reuters.
Notably, Saudi Arabia is reportedly importing hundreds of thousands of tonnes of Russian fuel oil as it tries to meet summer cooling demands. To be specific, The country will be increasing its imports from just 320,000 tonnes from April to June 2022 to 647,000 tonnes, per data by Refinitiv Eikon ship tracking.