Russia turns to China and India to sell the gas and crude oil that it is no longer exporting to the EU

With the conflict in Eastern Europe dragging on longer than expected when it began in February, the use of energy as a weapon of war is taking on greater importance. Russia is gradually losing buyers for its oil and gas, Germany has already halved its crude purchases in recent weeks, and now the process will go further with the EU's veto of Moscow's oil pipeline. In reaction to the EU's energy sanctions, which began with coal, the Kremlin is expanding its retaliatory strategy.

The Netherlands joins the group of EU nations to which Russia will cut off gas sales. A group made up of Poland, Bulgaria and Finland, following the Dutch government's decision not to pay for the hydrocarbon in roubles. The country's energy company GasTerra has announced that it will not comply with Russia's demands to pay for gas in roubles. The Russian gas company Gazprom's response was swift and it has announced that it will stop transporting gas. The next to join the club will be Denmark, which has announced that it will act in the same direction, as Moscow has also done.

GasTerra does not seem to be very concerned about Moscow's action because of the circumstances in the Netherlands, which is part of the European gas system, which is highly integrated and extensive, although it warns of the consequences of Russian policy.

Faced with the loss of markets to the West, Moscow is turning to China and India. It is multiplying its sales of hydrocarbons to these countries, especially natural gas, albeit at lower prices than those it receives from Europe, except for Serbia, with which it signed an agreement this week that is highly beneficial for Belgrade. Although this pact is almost an anecdote given the size of the buyer, the relevant issue is exports to the two major Asian countries.

International analysts point out that Beijing is filling up its gas storage infrastructure, which would make it the world's largest reserves. However, they doubt the profitability of this strategy for Gazprom, while adding that the gas pipeline networks cannot absorb all the gas that may no longer be sold in the West, either now or in years to come.

At the same time, the United States is also increasing its exports of liquefied natural gas (LNG) to Europe, including Spain. As a result of the energy conflict between the EU and Russia, two winners are emerging: China and the United States. One buys cheaper, the other sells more.