INSUBCONTINENT EXCLUSIVE:
Russia is struggling to sell oil as buyers flee the stigma, logistical challenges and fears of further sanctions that come with dealing with
Moscow in the wake of the Ukraine invasion.Even without direct sanctions on its energy industry Russia will lose around 1 million barrels
per day (bpd) in oil exports, according to analyst Jarand Rystad, head of Rystad Energy, from the 10.5 million bpd it sold last year.That is
nearly $120 per barrel, while gas hit a record peak.OPEC and other major oil exporters, including Russia, refused to increase production
beyond previously-agreed levels when they met on Wednesday, dashing hopes of easing supply pressures.The price might be working in Russia's
figure and boost renewables like wind and solar will take years to realize.Pipeline deliveries continue from Russia, but facing the threat
of global condemnation and potentially more sanctions to come, European importers are looking elsewhere.Finland's energy group Neste says it
has "mostly replaced" Russian crude with alternatives such as North Sea oil.Sweden's bitumen product manufacturer Nynas says it will end
purchases of Russian raw materials altogether.Some non-Russian crudes like Kazakh oil are also being penalized since they are exported via
not," said Energy Aspects analyst Livia Gallarati."China and India are still not buying, but we think they will slowly start to buy the
crude once issues around shipping, insurance and payments are navigated," she added.India, which also relies on Russia for military
supplies, has called for a ceasefire but has stopped short of condemning the invasion.China, Russia's largest trading partner for more than
a decade, has also yet to condemn the attack.Despite their size, however, the pair lack the capacity to make up for all of Russia's energy
decided to end their Russian operations entirely.Germany has suspended the controversial Nord Stream 2 gas pipeline from Russia.Uncertainty
Siberia.Switzerland's oil trading giant Trafigura stated that it was "reviewing options" over its Vostok minority stake.With Russia
