Russian Crude Oil Import:One third of the petroleum products sold by India to G-7 countries was crude oil imported from Russia, which India bought at cheap prices. In February 2022, after Russia's attack on Ukraine, Western countries led by America had imposed restrictions on crude oil imports from Russia. But India imported crude oil from Russia at cheap prices and then after refining it, sold the petroleum products to these countries. A European think tank has revealed this.
After Russia's attack on Ukraine, western countries imposed restrictions on Russian crude oil imports. After which Russia offered to sell crude oil to India at cheap prices. Taking advantage of the opportunity, India imported crude oil from Russia at cheaper prices than international prices. Indian oil companies refined crude oil imported from Russia in India. And later the diesel prepared from it was exported to G-7 countries, European Union and Australia. Western countries had not imposed any restrictions on the sale of diesel prepared after refining crude oil imported from Russia.
Finland-based research institute ‘Center for Research on Energy and Clean Air’ (CREA) has said in a report that after refining the crude oil imported from Russia, India has exported it to the G-7 countries and the European Union and Australia. CERA said, in the 13 months after the price cap was imposed on Russian oil, petroleum products refined from Russian crude oil accounted for one-third of the total exports to these countries. India has exported petroleum products worth 6.65 billion dollars to these countries with the help of Russian oil.
According to the report, Reliance Refinery based in Jamnagar has a major share in the export of petroleum products made from Russian oil from India to western countries. There was no response to an email sent to Reliance Industries for comment. India has imported crude oil from Russia on a large scale in the last two years. Getting Russian crude oil at cheap prices has also helped India in reducing its import bill. According to CREA, India has purchased crude oil worth $3.05 billion from Russia to export petroleum products from these countries.
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