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Bloomberg

Russian oil is still powering Europe – just with the help of India.
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.
India, China ‘enjoy the discount’ on Russian oil as EU tightens price cap
“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.”
The development is double-edged for the EU. On the one hand, the bloc needs alternative sources of diesel now that it has cut off direct flows from Russia, previously its top supplier. However, it ultimately boosts demand for Moscow’s barrels, and means extra freight costs.
It also means more competition for Europe’s oil refiners who can’t access cheap Russian crude, and comes amid wider market scrutiny about where the region’s diesel imports are coming from.
Repsol SA’s chief executive officer Josu Jon Imaz said on Thursday that Russian diesel is entering Europe illegally and called on authorities to clamp down on the activity. He wasn’t talking about the trade via India but flows of diesel that originated in Russia.


A preliminary inquiry into the matter by Spanish authorities didn’t find evidence that Russian diesel was entering the country, a government official said on Friday, adding that a probe is ongoing.
Europe’s refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler’s data show.
Russian crude oil arrivals to India are expected to surpass 2 million barrels a day in April, representing almost 44 per cent of the nation’s overall oil imports, according to Kpler data.
More than half of Russia’s seaborne oil shipments were to the EU and Group of Seven nations before the bloc began to cut purchases in response to the nation’s invasion of Ukraine in early 2022.


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Russia

Cheap Russian oil snapped up by India still powering Europe despite sanctions

The EU needs alternative sources of diesel now that it has cut off direct flows from Russia. Photo: Bloomberg

China, Saudi Arabia consolidate energy ties amid uncertainty over Russian supplies

Chinese President Xi Jinping goes to shake hands with Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, upon arrival in Riyadh in December. Photo: Saudi Press Agency via AP

Engineers at work in a Saudi Aramco facility in eastern Saudi Arabia. The Panjin complex could import an estimated US$160 billion worth of Saudi crude over its lifespan. Photo: Saudi Aramco Handout via AFP

India, China ‘enjoy the discount’ on Russian oil as EU tightens price cap

A crude oil refinery in Kochi, India’s Kerala state. Photo: AP

Fuel caps and import bans could force Russia to divert even more crude to Asia’s biggest energy buyers. Photo: Reuters

Storage tanks at an oil refinery in the western Indian state of Gujarat. Indian officials have said they will not risk upsetting the economy to uphold sanctions driven by the West. Photo: Reuters

A crude oil refinery in Kochi, India’s Kerala state. Analysts expect Indian refiners to carry on maximising their intake of Russian oil. Photo: AP

News

World

Europe

Russia & Central Asia

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


The Asian country buys Russian crude, turns it into fuels like diesel, and ships it back to Europe at a mark-up.


India

European Union

Energy

Ukraine war

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

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