Advertisement
Cheap Russian oil snapped up by India still powering Europe despite sanctions
- The Asian country buys Russian crude, turns it into fuels like diesel, and ships it back to Europe at a mark-up
- The European Union last year barred almost any seaborne crude oil imports from Moscow, previously its top supplier
Reading Time:2 minutes
Why you can trust SCMP
9
Russian oil is still powering Europe – just with the help of India.
Advertisement
Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later.
However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a mark-up.
The Asian country is on track to become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data compiled by Bloomberg from analytics firm Kpler.
“Russian oil is finding its way back into Europe despite all the sanctioning and India ramping up fuel exports to the West is a good example of it,” said Viktor Katona, lead crude analyst at the firm. “With India taking in so much Russian barrels, it’s inevitable.”
Advertisement
Advertisement