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Ukraine News: Embargo useless? India is selling Russian oil to the EU at a high price

2022-06-23T03:07:28.037Z

Ukraine News: Embargo useless? India is selling Russian oil to the EU at a high price Created: 06/23/2022, 04:55 am By: Patricia Huber The EU has decided to partially ban imports of Russian oil. India takes advantage of this and resells the cheaply bought oil from Russia at high prices. New Delhi/Moscow – The oil embargo is in place. Due to the war in Ukraine, the EU decided with the sixth pac



Ukraine News: Embargo useless?

India is selling Russian oil to the EU at a high price

Created: 06/23/2022, 04:55 am

By: Patricia Huber

The EU has decided to partially ban imports of Russian oil.

India takes advantage of this and resells the cheaply bought oil from Russia at high prices.

New Delhi/Moscow – The oil embargo is in place.

Due to the war in Ukraine, the EU decided with the sixth package of sanctions to stop importing oil from Russia by the end of the year – at least not by sea.

The oil that is delivered through the pipelines to the EU countries counts as an exception.

Ukraine news: India buys Russian oil at huge discounts

According to the government, Germany should get out of its dependence on Russian energy supplies as quickly as possible.

However, given the intertwined world market, a complete abandonment of Russian oil is proving to be a difficult task.

Because other countries are taking advantage of the sanctions: they buy the oil cheaply from Russia and then sell it on to the EU at a high price.

As the

Reuters

news agency reports, Indian refineries have been buying more and more Russian oil in recent months.

Since Russian troops invaded Ukraine, India has bought 62.5 million barrels of Russian oil, more than triple the same period last year.

However, India does not only buy for its own country, but also to export the oil again.

Sources at Spanish newspaper

El Mundo

report that India is buying Russian oil at deep discounts, making exporting a lucrative business.

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Ukraine news: India sells fuel containing Russian oil

The

Berliner Zeitung

, citing research by the

Wall Street Journal

, reports that private Indian oil refineries are increasingly supplying the world market with diesel and gasoline.

These fuels contain, among other things, Russian oil – but the sellers do not disclose this information.

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The US decided on an oil embargo against Russia back in March.

Even then, India's closeness to Russia and President Vladimir Putin was closely monitored.

While the US government initially remained reluctant, the White House spokeswoman finally turned to the Indian government with a warning sentence.

"Think about which side you want to be on if this moment goes down in the history books," said Jen Psaki, as reported by the

Süddeutsche Zeitung (SZ)

.

(ph)

Source: merkur

All news articles on 2022-06-23

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