look news india
India Russia Oil: India's exports of fuels like diesel to the European Union (EU) increased by 58 per cent in the first quarter of 2024. The special thing is that India is importing fuel from Russia at a huge discount and is refining it and selling this fuel in the European Union, this information has been given in the monthly tracker report.
The EU/G7 countries imposed price caps and sanctions on Russian oil in December 2022 in a major blow to the Kremlin's revenues and thus creating a gap in financing the attack on Ukraine.
- India is importing large quantities of crude oil from Russia. Before the Ukraine war, the share of oil imported from Russia in India's total oil import basket was barely one percent, which has now reached about 40 percent.
- The significant increase in India's oil purchases from Russia is mainly due to the availability of crude oil at lower prices compared to oil prices in the international market.
- With several changes in its refining system, India has now become the largest exporter of oil products to the European Union.
- Exports to the EU from Jamnagar, Vadinar and Mangalore refineries, which have been steadily increasing their dependence on Russian crude, saw a 58 per cent year-on-year growth in the first quarter of 2024, said the Center for Research on Energy and Clean Air ( CREA) said in its report.
- Before the Ukraine–Russia war, Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India, which has now almost doubled. However, CREA did not provide specific data regarding imports.