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EU Should Take Action On India Re-Exporting Fuels From Russian Crude Oil

OIL

The EU should take action on India reselling Russian oil as refined fuels into Europe, as the EU is aware that Indian refiners were buying large volumes of Russian discounted crude oil before processing it into fuels for sale into Europe, Josep Borrell, the EU’s high representative for foreign policy, told the FT.

  • “If diesel or gasoline is entering Europe…coming from India and being produced with Russian oil, that is certainly a circumvention of sanctions and member states have to take measures,” Borrell said.
  • India has become one of the largest buyers of Russian crude oil since the start of the war. Indian imports of Russian crude oil rose to almost 2mbpd in April according to S&P Global Commodity Insights data.
  • “That India buys Russian oil, it’s normal. And if, thanks to our limitations on the price of oil, India can buy this oil much cheaper, well the less money Russia gets, the better. But if they use that in order to be a centre where Russian oil is being refined and by-products are being sold to us…we have to act,” he added.
  • The re-export from Russian crude oil to Europe, after being refined by Indian refiners, is legal under the EU sanctions but has been heavily criticised recently. Several news outlets announced the EU/G7 nations intend to tighten energy sanctions against Russia at their summit in Japan at the end of this week.
Energy BulletsCommodities
Energy BulletsCommodities

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