All brought about by the stupidity of President Biden, and the idiocy of the Obama foreign policy philosophy.
China and Iran seem to be the big winners in the Biden/Obama foreign policy.
Agree entirely.
Why do you absolve Putin from all responsibility, you know, the one who actually started the war by invading Ukraine?
China and Iran seem to be the big winners in the Biden/Obama foreign policy.
I would say that India is by far the biggest winner when it comes to monetary gain.
They continue to buy Russian oil at as much as a 30% discount to the Brent Sea Crude spot price.
They then refine as much of it as they possibly can to either serve their domestic demand or sell on the international market.
In addition, they can attempt to sell the crude at a discount to the market by either transloading the oil or mixing it with crude from another source.
Lastly, they can just change the BOL on where the crude originated from. This is blatant cheating and is against the sanctions. However, IF you sell it cheap enough, someone will take the chance and buy it.
I saw the exact same thing in the lumber industry twenty years ago when there was a quota on Canadian lumber. People figured out all sorts of ways to cheat the system. When they got caught, they went out of business. However, they had made so much money in a short period of time, that they didn’t care. They just disappeared.
This 30% discount that Russia gave to China and India on their oil is like a license to steal.