Only about 1/3 rd of Russian crude goes to EU countries. The rest goes to countries around the world - including Japan, Singapore, South Korea, China, India, and until recently to both US and UK.
Crude oil is crude oil. It is often mixed with other crude oil from other countries.
It is the refined products (like petrol and diesel) that is needed by everyone on this planet.
A country like India could mix its Russian crude with Saudi crude, and refine it into petrol, diesel etc. Note, this is often done in the industry!!!
They can then export them (refined products) at higher prices back to EU countries - enabling the Indian businessmen to make extraordinary profits.
And that (higher profits) will attract other players into the industry.
So why would the Russian care? They were getting $35 to $40 per barrels during the pandemic - 2 years ago.
Now, if they are getting $75 to $80 a barrel, they (the Russian) are still making circa 100% profits.
How many businesses do you know make a 100% profit margin? lol So why would they be complaining?
