India is benefiting from importing cut-price Russian oil amid European sanctions – and also selling that same oil to EU markets at full price once it has been refined
A view taken on December 13, 2023 shows the grounds of a fuel tank farm of Russia’s oil pipeline giant Transneft
(AFP via Getty Images)
The EU’s imports of refined oil imports from India grew to record levels in 2023 at the same time as New Delhi’s imports of Russian crude oil more than doubled year on year.
It means consumers in Europe likely received unprecedented volumes of petrol, diesel, kerosene and other oil products that originate from Russia via India last year, in spite of the sanctions imposed after Vladimir Putin’s invasion of Ukraine.
India has made no secret of its willingness to buy Russian oil in spite of the Ukraine war, maintaining good ties with Moscow while it has also courted closer defence and trade partnerships with Western nations.
India became the world’s leading importer of Russian crude oil last year, according to Kpler market data analysed by The Independent, importing an average 1.75 million barrels per day at a 140 per cent increase on 2022.
At the same time, the European Union’s import of refined products from India soared by 115 per cent, from 111,000 barrels per day in 2022 to 231,800 barrels per day in 2023, the highest figures in the past seven years analysed by Kpler and most likely the highest ever.
Oil revenues are the linchpin of the Russian economy, allowing Putin to fund his military and replenish defence budgets to sustain a war that is about to enter its third year.
European countries, the G7 and Australia moved to try and prevent Putin using oil money to fill his war chest by enforcing tough sanctions on oil, including Russian refined oil products, and enforcing a $60 per barrel price cap on Russian sales to other countries using their ships and infrastructure.
The fact that barrels of oil originating in Russia are still rolling into Europe through a third market underscores the porousness of sanctions and the lack of robust enforcement measures.
One such example was the Jamnagar Refinery in the Gulf of Kutch on India’s western coast, which is the leading destination for Russian crude arriving in India, according to Kpler.
The Reliance Industries-owned refinery accounted for 34 per cent of crude oil imports from Russia, receiving 400,000 barrels per day of, while it received 770,000 barrels per day from elsewhere.
And of the refinery’s exports in 2023, around 30 per cent headed to Europe.
“This is undermining sanctions, but it is also a grey area,” Mr Smith says.
“It is impossible to extricate Russian crude or products created from Russian material from the global market. Russia is also such a key player that the powers that the EU etc don’t want to completely eradicate Russian supply from the global market because it would cause prices to spike.“
Around 20 of the 27 EU countries imported refined products from India last year, with the Netherlands accounting for 24 per cent of the total volume.
It was followed by France which accounted for 23 per cent, Romania with 12 per cent and Italy and Spain with 11 per cent each. India also exported refined products like gasoline, jet fuel and diesel to Germany and Belgium with 7 per cent each.
A good example of the catastrophic failure of sanctions. The rat nazi has appointed Modi as his oil broker.
And here are the main culprits again :
“Around 20 of the 27 EU countries imported refined products from India last year, with the Netherlands accounting for 24 per cent of the total volume.
It was followed by France which accounted for 23 per cent, Romania with 12 per cent and Italy and Spain with 11 per cent each. India also exported refined products like gasoline, jet fuel and diesel to Germany and Belgium with 7 per cent each.”
But the corrupt, venal Modi has made India a defacto member of the axis of evil known as the CRINKS. A dictator in all but name, he has made his despicable country into a vulture feeding off the flesh of dead Ukrainian children.
The far from Ukraine-friendly Time magazine is currently running a piece headed:
“The Top 10 Global Risks for 2024.”
Full article here:
https://time.com/6552898/top-10-global-risks-for-2024/?utm_medium=email&utm_source=CampaignMonitor_Editorial&utm_campaign=UKRN%20%2020240111%20%20House%20Ads%20%20SM+CID_6324b55d86eedd221355353d57f613f1
Ukraine is referenced here:
“3. Partitioned Ukraine
Russia’s invasion of Ukraine remains an historic failure. NATO is strengthened by new members Finland and Sweden. The EU has opened a membership process for Ukraine, Russia has faced 11 rounds of sanctions, with more on the way, and half of its sovereign assets have been frozen—money increasingly likely to be used for Ukrainian reconstruction. Europe no longer buys Russian energy. But Ukraine will be de facto partitioned this year, and Russia now has the battlefield initiative and a material advantage. 2024 is an inflection point in the war: and if Ukraine doesn’t solve its manpower problems, increase weapons production, and set a realistic military strategy soon, its territorial losses could prove permanent and may well expand. Kyiv has taken a body blow from ebbing political and material support from the United States, and the outlook for European assistance is only slightly better. Ukraine is desperate for more troops. For all these reasons, Kyiv will take bigger military risks this year, including strikes on more targets inside Russia that provoke unprecedented Russian responses and could pull NATO into the conflict.”
“Europe no longer buys Russian energy.” Oh really?
“Ukraine will be de facto partitioned this year, and Russia now has the battlefield initiative and a material advantage.”
It has been defacto partitioned since 2014. So what’s his point?
Mike Johnson; a supporter of the Jan 6 attack, is a die hard Trump loyalist. That makes him by default a person who is working in the interests of Russia. His job as he sees it, is to block Ukraine Aid until his boss takes over. At which point his job will be secure and Kyiv will be spelt Kiev.
It is up to decent Republicans to thwart these plans.
Interesting:
The DT is running a live poll with the question:
“Who should be the Republican candidate in the 2024 US election?”
Currently Nikki Haley has 63%
Trump 22%
DeSantis 8%
Ramaswamy 5%
Who was polled? I think it were mainly UK residents taking part in the voting?
The DT has been running a unique US edition for some years now.
To access all stories requires a paid sub. It has a strong ABC1 profile so is sought after by advertisers.
There clearly is a gap in the market for news sites for Conservative professionals in the US and the DT is exploiting it.
I have observed myself a growing and significant number of US professionals commenting; including current and retired military. A sub is required to comment.
It will never be huge circulation, but will score well in terms of reaching influencers. Very few conservative sites in the US are unequivocal supporters of Ukraine. The WSJ is one. Forbes is one. The DT is another. I struggle to find many more.
I never thought to see the day when being conservative equals to being a supporter of a war criminal. To me, such rats are not conservatives, but fascists hiding under the veil of conservatism.
The magaputler cult is nothing to do with conservativism; very much the opposite in fact. It’s effectively an offshoot of the kremlin-owned QAnon; members of which include MTG and putinoid scrotes like Michael Flynn.
I’m one American that could care less what foreigners think about our candidates. Do we comment on who should be king or foreign minister? No, because politics SHOULD end at the water’s edge but .. some people … think they should CONSTANTLY comment on foreign politics as if they could interfere enough to make someone believe they should vote differently. They should understand Americans are offended (just as they would be) when a foreigner tries to interfere in our elections. Not to mention they look petty and stupid when they do it but it is all about their arrogance and their need to feed their hatred. Pitiful and pathetic. I would think such a Brit would have enough self respect and enough respect for the wisdom of the USA to butt out but hatred MUST be fed.
I disagree. It’s totally natural that allies who depend on our military and our political support keep a close eye on who might become our next president. A candidate who intends to betray our allies and wants to completely isolate our nation is a reason of concern for many.
The arrogance and hatred is coming exclusively from you.
As stated, the poll is from the DT’s US edition, which is patronised almost exclusively by paid subscribers: conservative-leaning Americans from high end demographic groups.
The UK is a pro-America country. British people take a huge interest in US politics and vice versa. That’s why thousands of British journalists are permanently stationed in the US. Presumably you’d send them home? And thousands of US journos are in the UK. You would require them to be recalled?
American pundits will be expressing their views on who should win in the UK this year, because Americans are interested and because we are allies.