As the United States, Europe, and other countries tighten economic sanctions against Russia, the Philippine government is considering importing Russian oil to curb rising domestic fuel prices. It is also expected to rebound as it becomes.
In the Philippines, which relies on imports for most of its fuel, fuel prices continue to rise due to the impact of the situation in Ukraine and the fact that the peso, the country's currency, hit a new low against the dollar.
Under these circumstances, the Philippine government is considering importing cheap Russian oil, and aims to negotiate with the Russian side in line with the APEC = Asia-Pacific Economic Cooperation Conference to be held in Thailand next month. .
Regarding Russian oil, President Marcos said at a press conference on the 5th of this month that there may be a deal as a measure to curb the rise in domestic fuel prices, and the Russian embassy in the Philippines welcomed this. was doing.
G7 = Seven major countries are tightening economic sanctions, such as agreeing to set an upper limit on the transaction price of Russian oil, and if the Philippines actually decides to import it, it will be a "sanctions loophole". is also expected.