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EU Should Target Indian Oil Exports from Russian Oil: Borrell

OIL

The EU should crack down on India selling Russian oil as refined fuels into Europe according to the bloc’s chief diplomat Josep Borrell.

  • “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 to the FT.
  • India is one of the biggest buyers of discounted Russian crude barrels which it refines and sells as fully priced refined products into Europe.
  • “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,” Borrell said.
  • “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.
  • Borrell said he will rasie the issue Tuesday with India’s foreign minister S Jaishankar.
Energy BulletsCommodities
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