I first saw this in a Spanish forum, but I see that a national newspaper in Spain has brought it out.
https://www.elmundo.es/economia/macroeconomia/2022/06/04/629a1c44e4d4d8fb2a8b460d.htmlIn English:
https://www.marketwatch.com/story/why-india-is-set-to-win-big-as-eu-bans-russian-oil-imports-11654021874India is receiving 600,000 barrels per day from Russia compared to 90,000 barrels per day last year, which buys at below market price, refines and sells at a higher price to Europe. What a masterstroke by the European Union, LMAO.
Nobody thought of this? Last Friday the EU adopted sanctions banning oil imports from Russia.
https://thehill.com/policy/energy-environment/3511129-eu-officially-adopts-russian-oil-embargo/Once this has come to light, what are they going to do? Not buy from India? It reminds me of exchanges or other entities that don't want tainted coins.
I put this comment here because I think it is the key to the issue:
Once the oil is refined in to diesel, it will be impossible to know about it's origin. And here, the situation is further complicated by the fact that the two oil companies who have purchased huge amounts of oil recently (Nayara Energy and Reliance Industries) also import a lot of oil from Iraq and Saudi Arabia. So they can always claim that the diesel they sell to the EU is sourced from Iraqi crude. After all, it is same substance with the same chemical composition coming from different oil wells. There is no 100% accurate method to find out how many molecules came from Russia, and how many came from Iraq.
So India claims that what it sells to the EU does not come from Russia, the EU claims that what it buys does not come from Russia, when most likely at least some of what it buys from India comes from Russia, and more expensively. LMAO.
India is playing the game that benefits their people, but it won't go unnoticed and it's clear the India is losing any status it had as a freedom loving democracy. That being said, Russia is still the ultimate loser in this situation because India will be paying them much less than market rates and it has much lower capacity to receive Russia oil. It's more expensive for Russia to send oil there, so they lose all around. I'm not sure why you are gloating that Europe pays more when the whole war in Ukraine is absolutely pointless and achieves nothing but to stroke Putin's vanity. Many people are dying, Russia becomes isolated and desperate, these insignificant events like who pays much less for Russian oil is the best you can come up with?