India’s diesel exports to the EU rise 58 percent, fueled by discounted Russian crude refining.
India’s export of fuels like diesel to the European Union saw a significant 58 percent increase in the first three quarters of 2024, a trend largely attributed to the refining of discounted Russian crude oil. This surge comes after the EU and G7 countries imposed a price cap and an embargo on Russian crude oil in December 2022, aiming to limit the Kremlin’s revenue amid the Ukraine invasion.
However, the sanctions did not extend to refined oil products, creating a loophole that allowed nations like India to import Russian crude, refine it, and legally export the products to the EU and other price-cap coalition countries. This has resulted in a sharp rise in India’s refined oil exports to the EU, even as the price-cap strategy continues to affect Russian oil revenue.
