- Myanmar is buying Russian oil, which it says is "high-quality" and cheap.
- In the last week, gas stations in parts of Myanmar have been forced to shut due to fuel shortages.
Despite sanctions and boycotts over its invasion of Ukraine, Russia has managed to acquire new customers for its energy products. This time, Myanmar is joining the line to buy Russian gas and fuel oil, according to $4 and $4
"We aim to buy high-quality fuel oil at a cheap price from the country where we can get it quickly," Myanmar's military spokesperson Zaw Min Tun said on Wednesday, per Bloomberg. He said military chief Min Aung Hlaing sealed a fuel oil deal with Russia during a trip to Moscow in July.
Myanmar has been ruled by the military since its civilian government was overthrown in a coup in $4 Since then, the junta has been hit by $4 and $4 sanctions. More than a year after the coup, $4 continue to rock the country.
Like many economies around the world, Myanmar has been hit by skyrocketing inflation, including fuel prices. In the last week, gas stations in parts of Myanmar have been forced to shut due to fuel shortages, according to Reuters.
Russian fuel oil exports are expected to start arriving in Myanmar in September, Reuters reported, citing local media.
Russia has been hit with sweeping sanctions from the West since it invaded Ukraine in February. Europe — Russia's largest customer — has been starting to buy less from the country. To mitigate the impact from lower energy sales to Europe, President Vladimir Putin has been hawking Russia's energy exports to $4 $4 Russia said it was ready to sell oil to "friendly countries" in "any price range."
Myanmar is the latest in a list of crisis-hit countries — including $4 and $4 — to actively seek out Russian oil. $4 have also been snapping up oil cargoes from Russia. Even so, it's unlikely that Moscow will be able to find buyers for all the oil it would have sold to the EU, Henning Gloystein, the director for energy, climate, and resources at the Eurasia Group, $4. Such markets are also more price sensitive and are likely to undercut prices, researches from $4 wrote in a July report.
Russia and Myanmar have been forging closer ties. Earlier this month, $4 was in Myanmar on an official visit. Russia is also a major arms supplier to Myanmar.