Reuters reports that Indian refiners have bought around $2 billion in Russian fuels since the Ukraine crisis began, a sign that
Key Highlights :
Russian petroleum products are reportedly continuing to flow into the EU indirectly from Indian refiners, despite a ban on Russian oil imports imposed by the EU in July. The refiners are reportedly circumventing the ban by importing oil from other countries, including Azerbaijan and Kazakhstan, which are not subject to the restrictions.
The refiners are reportedly doing this by blending Russian oil with other oils and then exporting the product to the EU. This method of circumventing the ban has been going on for months and is likely to continue for the foreseeable future, as the EU has yet to come up with a permanent solution to the issue.
The refiners are reportedly doing this to avoid paying the high prices that are charged for Russian oil in the EU. The refiners are also reportedly using the Russian oil to fill up their own storage tanks, which is illegal under EU regulations.
The EU has expressed its displeasure with the refiners’ actions and has threatened to take action against them. However, the refiners are reportedly unlikely to change their behavior until the EU comes up with a permanent solution to the Russian oil embargo.