Following Malaysia, Singapore Also Buys Russian Oil

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Adi Ahdiat 25/11/2022 13:00 WIB

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Several Asian countries, including Malaysia and Singapore, have purchased large quantities of Russian oil.

Asian Countries Purchasing Russian Oil Since the Beginning of the War (February 24 - November 18, 2022)

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Asian Countries Purchasing Russian Oil Since the Beginning of the War (February 24 - November 18, 2022)

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From the outbreak of the Russia-Ukraine war until today (November 25, 2022), Russia has earned approximately €233.9 billion or Rp4.8 quadrillion (Rp16,313 per euro) from fossil fuel exports, including oil, gas, and coal.

According to data from the Centre for Research on Energy and Clean Air (CREA), Russian energy commodities are largely purchased by European Union countries, including Germany, the Netherlands, Italy, Poland, and France.

Several Asian countries are also buyers, namely China, India, South Korea, Japan, the United Arab Emirates, Malaysia, and Singapore.

Based on CREA's report, Malaysia has been purchasing Russian oil since at least August 2022. By Thursday, November 18, 2022, the transaction value had reached Rp39 trillion.

Some time later, Singapore also imported oil from Russia, with transactions reaching Rp17 trillion by Thursday, November 18, 2022.

"Revenue from fossil fuel exports is a major supporter of the financing of Russia's military and brutal aggression against Ukraine," CREA stated on its official website.

There was also discussion that Indonesia should consider buying Russian oil because its price is cheaper than the world oil standard price.

"With Russian oil still affected by the sales ban in Europe and the United States, it is actually very open for Indonesia to obtain oil supplies from Russia, especially since Pertamina has previously received oil supplies from Russia," said the Chairman of the Indonesian House of Representatives Budget Board, Said Abdullah, in a written statement released by *Parlementaria*, Friday, August 12, 2022.

"Our free and active foreign policy should prioritize national interests, especially in obtaining imported crude oil at a more economical price," Said continued.

However, the President Director of PT Kilang Pertamina Internasional, Subholding Refinery & Petrochemical Pertamina, Taufik Aditiyawarman, recently stated that purchasing Russian oil requires considerable consideration.

"There is no confirmation of that (purchasing Russian oil) yet, because there are political risks, economic risks, and company-under risks to consider. We still have global bonds for the Pertamina Group," said Taufik, as reported by *CNBC Indonesia*, Thursday, November 24, 2022.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Following Malaysia, Singapore Also Buys Russian Oil

Following Malaysia, Singapore Also Buys Russian Oil

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