There’s no other choice: War-hit Asian buyers grab Russian oil
“There’s no other choice. Refineries that do not have much flexibility will be the first to look for Russian crude, as they are relatively easy replacements for Middle Eastern supplies.” — June Goh, Analyst at Sparta Commodities
Bloomberg, April 1, 2026 – Energy-starved Asian nations are seizing on US sanctions waivers to secure Russian oil, filling critical supply gaps caused by the Iran war and near-total closure of the Strait of Hormuz. The Philippines took its first ESPO crude cargo in nearly six years, South Korea received its first Russian naphtha shipment of the year, and Sri Lanka is in talks with Moscow. The waiver frees up pre-March 12 cargoes but expires April 11, creating urgent deadlines for Asian refiners desperate for alternatives to disrupted Middle Eastern supplies.
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