EU Bypasses Sanctions on Russian Oil by Buying Through India

(MENAFN) According to a report by Bloomberg, the EU is still relying heavily on Russian oil to power its economy, despite the imposition of sanctions by the EU, G7, and allied countries last year. While these sanctions imposed an embargo and a $60-per-barrel price cap on Russian crude, member states are now said to be buying the sanctioned fuel through India, which has not joined the ban and has instead increased its purchases of Russian oil.

In fact, Indian refiners bought between 970,000 and 981,000 barrels of Russian oil per day in 2022-2023, accounting for more than a fifth of the country's overall imports, which were between 4.5 million and 4.6 million barrels per day (bpd), according to data from Kpler and Vortexa. This means that India has become Russia's top oil buyer since the ban went into effect, and is now on track to become the EU's largest supplier of refined fuels.

Indian processing plants have been buying up cheap Russian oil and turning it into fuels, which they then resell to the EU at a competitive price. This has allowed Russian oil to find its way back into Europe, despite the imposition of sanctions, as noted by Viktor Katona, a lead crude analyst at Kpler.

While this situation highlights the challenges of implementing effective sanctions and the potential for countries to find loopholes and workarounds, it also underscores the importance of global cooperation in addressing issues related to energy security and reducing dependence on fossil fuels. As the world seeks to transition to renewable energy sources and reduce greenhouse gas emissions, it is essential that countries work together to find sustainable solutions that benefit the planet and its people.

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