Europe to Buy Refined Russian Oil from India Because of Sanctions

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by Chris Black

It’s so funny, I can’t even…

I mean:

India now buys 33 times more Russian oil than last year—Bloomberg pic.twitter.com/YuhKCs1lOc

— Hassan Mafi ‏ (@thatdayin1992) January 16, 2023

Basically, the Russians sell their “embargoed” oil to India, India refines it and sells it to Europoors at a markup, and everyone wins except from the EU citizenry, who gets double-fucked.

The EU goys are totally retarded for allowing this.

The EU is banning Russian diesel and other refined fuels, and it’s not clear the market is ready for the shock t.co/ncAykd2wcg

— Bloomberg (@business) January 16, 2023

RT:

India may substantially boost its exports of diesel fuel to the EU, refined from Russian oil targeted by Western sanctions, Bloomberg reported on Monday.

The scheme wouldn’t breach the EU’s regulations, but it highlights the inefficiency inherent in the sanctions policy, the report notes.

The EU ban on almost all imports of Russian oil products kicks in on February 5, coinciding with the implementation of a price cap on sea-borne crude shipped from the sanctioned country.

Until recently, Russia was the biggest external supplier of diesel to EU countries, which have been ramping up purchases ahead of the cutoff.

Due to the sanctions, the global market is projected to see a great rerouting of diesel flows as new importers of Russian crude are sending fuel back to the former buyers. Analysts expect a growing risk of higher prices in the short term. Among the new buyers of sanctioned Russian oil products will reportedly be traders in Africa, Latin America and possibly Asia.

“The loss of Russian barrels is huge and replacing them will be a huge logistical challenge,” Keshav Lohiya, founder of consultant Oilytics, told Bloomberg. “But the market is pricing in less panic as markets and trade flows have proven resilient. This will be a new rerouting of diesel.”

India’s role in supplying EU member states is reportedly significant, as the South Asian nation has turned into one of the largest importers of discounted Russian crude since last year.

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