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 has minimal oil reserves of it's own, it's either dependent upon the gulf to buy oil or on Russia to buy oil for its own consumption only, if it is selling the oil it has for it's own consumption to EU then obviously this is either Gulf's oil or Russia's oil. So there is a very good chance that The oil we are sending to EU is from Russia Only. This shows how sanctions are just scam and you actually are in dire need of Few resources.