Myanmar Plans to Import Russian Oil to Ease Supply Shortages, Rising Prices

Myanmar plans to import oil from Russia to ease supply constraints and rising prices, a junta spokesperson said on Wednesday, making it the latest developing nation to do so amid the global energy crisis.

The military-ruled south-east Asian country has kept up strong ties with Russia despite both nations being subject to Western sanctions (Myanmar for a military coup last year, and Russia for its invasion of Ukraine).

Russia is looking for new clients as its main export destination, Europe, imposes a phased embargo on Russian oil later this year.

Spokesperson for the military Zaw Min Tun told reporters on Wednesday, “We have received permission to import petrol from Russia,” praising Russia’s “quality and low cost” petrol. Additionally, the media reported that the oil shipments will begin in September.

Since the coup in February of last year, gasoline prices have risen by roughly 350%, to between 2,300 and 2,700 kyat (about S$1.40).