- Myanmar (Burma) buys Russian oil, which it considers to be cheap, high-quality raw material
- In the last week, gas stations in some parts of Myanmar were closed due to lack of fuel
- Russia and Myanmar strengthen ties as they grapple with challenges in the international arena
- More such information can be found on the main page of Onet.pl
“We want to buy high-quality fuel at a low price from a country where we can get it quickly,” said a spokesman for the Myanmar army, Zaw Min Tun. He added that military chief Min Aung Hlaing made a deal with Russia during a trip to Moscow in July.
Myanmar has been under military control since the civilian government was overthrown in the February 2021 coup d’état. Since then, the junta has come under US and EU sanctions. More than a year after the coup d’état, the country is still shaken by social protests.
Like many economies around the world, Myanmar has suffered from soaring inflation, including fuel prices. Last week, according to Reuters, gas stations in some parts of Myanmar have been closed due to lack of fuel. Russian fuel exports are expected to reach Myanmar in September.
Since the invasion of Ukraine in February, Russia has been subject to extensive sanctions by the West. Europe – Russia’s largest customer – is reducing its purchases in this country. To mitigate the effects of lower energy sales to Europe, President Vladimir Putin encourages exports to other markets, including Asia. In April, Russia said it was ready to sell oil to friendly countries in any price range.
Myanmar is another crisis-hit country, along with Sri Lanka and Laos, actively seeking Russian oil. India and China also buy oil loads from Russia. “Nevertheless, Moscow is unlikely to be able to find buyers for all the oil that the EU would sell,” Henning Gloystein, Eurasia Group director of energy, climate and resources, told US Insider in July. Such markets are also more sensitive to prices and can lower them, say researchers at Yale University.
See also: Moscow’s revenues are growing despite the sanctions. China and India are buying oil at discounted prices
Russia and Myanmar are tightening their ties. Earlier this month, Russian Foreign Minister Sergei Lavrov was on an official visit to the country. Russia is also the main arms supplier to Myanmar.
Author: Huileng Tan; translation: Mateusz Albin