NEW DELHI: India’s export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a report. The EU/G7 countries in Dec 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin’s revenue and create a vacuum in its funding for the invasion of Ukraine.
However, a lack of a policy on refined oil produced from Russian crude meant that countries not imposing sanctions could import large volumes of Russian crude, refine them into oil products and legally export them to the price-cap coalition countries.