Despite the embargo, Russian oil continues to enter the EU through intermediaries in third countries. This is especially true for India.
Spiegel writes about it.
At least two tankers with Russian oil arrive at Indian ports every day, thatʼs 70 tankers a month. After a certain time, part of this oil enters the EU in a processed form.
Data analytics company Kpler studies global supply chains by tracking the routes of tankers and cargo ships. According to her, world transportation has changed after the introduction of sanctions: tankers with Russian oil on board are now headed not to Western countries, but to Eastern countries: Turkey, Saudi Arabia and, above all, India.
Several oil refineries are located on the west coast of India, including the largest in the world. There, Russian oil is processed into gasoline and diesel fuel. And, it seems, in this form it gets back to Europe.
India delivered more fuel to the EU than ever before in April, according to Kpler. As a supplier, it is now ahead of Saudi Arabia. Together, the two countries fill most of the gap that has existed in fuel supplies to Europe since the beginning of the February embargo. But India, unlike Saudi Arabia, is not a country with huge oil reserves.
- On February 4, the Council of the European Union officially approved price restrictions on petroleum products exported or originating from the Russian Federation. The marginal price of discounted Russian petroleum products (such as fuel oil) is currently $45 per barrel, and $100 for premium products such as diesel. These are the maximum prices at which oil products from the Russian Federation can be transported by sea to third countries. They came into effect on February 5, 2023.
- On March 15, Estonia, Lithuania and Poland proposed lowering the limit from $60 per barrel to $51.45. They claim it will be 5% below the market price.
- The publication Bloomberg, citing its own sources, wrote that the European Union does not plan to change the price limit for Russian oil.