Wednesday, April 17, 2024

India exported USD 6.65 bn oil products derived from Russian oil to sanctioning nations: Report


New Delhi: Over one-third of India’s export of oil products to the G7-led coalition countries was derived from Russian crude, a European think-tank said, highlighting how the partners shunned buying Russian crude and imposed price caps but a loose policy on refined product allowed third countries to use Russian oil and legally export products to them.

While there are no restriction or sanctions on buying/using Russian crude oil and exporting fuels such as diesel derived from it, the Group of Seven (G7) rich nations, the European Union and Australia – called the price cap coalition countries – first set a crude price cap of USD 60 per barrel starting December 5, 2022 and later on products like diesel to keep market supplied while limiting Moscow’s revenue.

This was aimed at punishing Russia for its February 2022 invasion of Ukraine by depriving it of oil revenues while averting a surge in prices that could occur if Russian oil stopped flowing to global markets.

“In the 13 months since the oil price cap took effect (in December 2022), over one third of India’s exports of oil products to sanctioning countries was derived from Russian crude (EUR 6.16 billion or USD 6.65 billion),” the Finland-based Centre for Research on Energy and clean Air (CREA) said in a report.

“A huge proportion of these exports came from the Jamnagar refinery,” it said, alluding to the refinery operated by Reliance Industries Ltd in Gujarat.

Jamnagar alone exported EUR 5.2 billion of oil products produced from Russian crude to the price cap coalition, it added.

An email sent to Reliance for comments remained answered.


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