Since the war between Ukraine and Russia began. Since then, India has become very important to Europe. The most important need for the European economy is to be supplied from India. Yes, after imposing sanctions on Russia, India is becoming a fuel necessity for Europe. According to the report, India has now become Europe’s largest fuel supplier. The special thing is that India also makes a lot of money by buying cheap oil from Russia and sending it to Europe for refining. Let us also tell you what kind of report has come out.
58 percent increase in diesel exports
According to information from a monthly monitoring report, exports of fuels such as diesel from India to the European Union increased by 58 percent in the first three quarters of the year 2024. In such a situation, a significant part of crude oil is believed to It comes from Russia, which is refined and sent to Europe. In December 2022, the European Union and G7 countries imposed sanctions on Russia and imposed a price cap and ban on its crude oil imports. However, a lack of policy clarity on refined fuel made from Russian crude oil meant that countries not subject to sanctions could import large quantities of Russian crude oil and convert it into refined products to sell legally to countries subject to sanctions. sanctions.
Russia becomes India’s largest supplier
After Russia’s attack on Ukraine, India has become the second largest buyer of Russian crude oil. The country’s imports from Russia accounted for less than one percent of Ukraine’s total pre-war oil imports, and after the war, purchases rose to nearly 40 percent. Taking advantage of loopholes in refining standards, India has now become the largest exporter of petroleum products to the EU, the Center for Research on Energy and Clean Air (CREA) said in its latest report.
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According to the report, exports to the European Union from refineries in Jamnagar, Vadinar (Gujarat) and Mangalore increased by 58 per cent year-on-year in the first three quarters of 2024. Reliance Industries Ltd has oil refineries in Jamnagar, while Nayara Energy , of Russia, backed by Rosneft, has a unit in Vadinar. Mangalore Refinery and Petrochemicals Limited (MRPL) is a subsidiary of state-owned ONGC.
