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Russian Oil Is Still Finding Its Way To Europe
Bloomberg: Russian Oil Is Still Powering Europe’s Cars With Help of India
Russian oil is still powering Europe — just with the help of India. Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later.
However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup.
The Asian country is on track to become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data compiled by Bloomberg from analytics firm Kpler.
“Russian oil is finding its way back into Europe despite all the sanctioning and India ramping up fuel exports to the west is a good example of it,” said Viktor Katona, lead crude analyst at the firm. “With India taking in so much Russian barrels, it’s inevitable.”
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Update: Europe Is Buying Record Amounts Of Refined Russian Fuels Through India, And Paying A Huge Markup (Zero Hedge)
WNU Editor: Why am I not surprised.
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